Cryptocurrency

First-Ever Bitcoin City to be Unveiled by El Salvador

First-Ever Bitcoin City to be Unveiled by El Salvador

  • El Salvador has announced plans to build the world’s first “Bitcoin City”
  • The city which will be powered by volcano will be financed by over $1 billion in Bitcoin-backed bonds, according to President Nayib Bukele
  • El Salvador made Bitcoin a legal tender in September this year and issued a $30 startup fund to all citizens that signed up for its wallet

The president of El Salvador Nayib Bukele has announced the country’s plans to build a “Bitcoin City”.

Bitcoin City

This is in line with his plans to harness the cryptocurrency to fuel investment in the country.

Bukele disclosed this while speaking at an event to signal the end of a bitcoin promotion in the Central American nation.

He revealed that the city was going to be built in the eastern region of La Union and would be powered by geothermal from volcano.

Bitcoin scam

Bukele encouraged people to join the future city which will be free of all forms of levy and taxes apart from value-added tax (VAT).

Read also: Teenage Boy Arrested for Biggest Ever Cryptocurrency Fraud

“Invest here and make all the money you want,”
“This is a fully ecological city that works and is energized by a volcano.”

The half VAT levied in the city will be used to fund bonds issued while the other half would fund various services.

This announcement comes two months after El Salvador officially made Bitcoin a legal tender, becoming the first country in the world to do so.

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