El Salvador will develop the world’s first “Bitcoin City”, says President Nayib Bukele. The announcement comes after the nation became the first country in the world to accept bitcoin as legal tender earlier this year.
Salvadorean President Nayib Bukele is crazy about bitcoin and plans to prove it. After adopting the cryptocurrency as legal tender in September, the nation’s president now says plans are in development to build what he has called Bitcoin City. He made the announcement at the conclusion of a week-long bitcoin celebration called “Bitcoin Week”.
The city would be built in the eastern region of the municipality of La Union. According the Bukele, the city would be “fully ecological” and “energised by a volcano”. The city will be funded by bitcoin-backed bonds at first, with Mr Bukele hoping this will enable the future growth and development of cryptocurrency investment across the nation.
Bitcoin City will be developed near the base of the Conchagua volcano so its geothermal energy may be harnessed to power the city.
“Residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail – everything devoted to Bitcoin,” said the president.
Mr Bukele has said there would be no income taxes in the city, only value-added tax (VAT), much of which would go towards paying for infrastructure and bonds, as well as the process of bitcoin mining. He also asserted the city would be free of CO2 emissions.
The Salvadorean government is also offering credit to those who make use of their digital wallet app.
“Invest here and make all the money you want,” the president said.
“If you want bitcoin to spread over the world, we should build some Alexandrias,” said Mr Bukele, who likened his plans to past exploits by Alexander the Great.
Although Mr Bukele has not given a specific timeline for his plans, he did estimate the approximate cost of building the city’s public infrastructure would equate to around 300,000 Bitcoins.
Mr Bukele said the initial bonds (worth over $1.3 billion AUD) would be offered up next year in bitcoin.
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