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El Salvador plans to build the world’s first “Bitcoin City” funded initially by bitcoin bonds. President Nayib Bukele made the announcement on Saturday, doubling down on the Central American country’s bet on the crypto currency.
Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT). The city will be circular to represent the shape of a large coin and will be built in the south-eastern region of La Unión, President Nayib Bukele said.
That strategic location would take advantage of the Conchagua volcano's geothermal energy to power Bitcoin mining.
“We’ll start funding in 2022, the bonds will be available in 2022,” Bukele told a cheering crowd at the event.
The Central American nation would initially issue a $1 billion bond backed by bitcoin to begin raising funds for the planned city.
El Salvador in September became the first country in the world to adopt bitcoin as legal tender.
- Jagajeet Chiba, Gambling911.com
