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El Salvador plans world’s first bitcoin city
November 23, 2021
El Salvador intends to assemble the world’s first “Bitcoin City”, supported at first by bitcoin-upheld bonds, President Nayib Bukele said on Saturday, multiplying down on his bet to saddle the cryptocurrency to fuel interest in the Central American country.
Talking at an occasion shutting week-long promotion of bitcoin in El Salvador, Mr Bukele said the city arranged in the eastern locale of La Union would get geothermal power from a well of volcano and not demand any duties with the exception of significant value-added tax (VAT).
“Contribute here and bring in all the cash you need,” Mr Bukele said in English, dressed all in white and wearing a switched baseball cap, in the ocean side retreat of Mizata. “This is a completely natural city that works and is invigorated by a spring of volcano.”
A big part of the VAT required would be utilized to support the bonds given to construct the city, and the other half would pay for services like trash assortment, Mr Bukele said, assessing the public foundation would cost around 300,000 bitcoins.
El Salvador in September turned into the first country in the world to adopt bitcoin as legal tender.
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