El Salvador to build world's first cryptocurrency city

Source : 112 Ukraine

Its construction will cost about 300,000 bitcoins
15:35, 23 November 2021

Open source

El Salvador plans to build the world's first Bitcoin City. Bitcoin bonds will be issued for this purpose, Reuters reports with reference to President Nayib Bukele.

The city is planned to be built in the eastern region of La Union. It will receive geothermal energy from the volcano and will not levy any taxes other than value-added tax (VAT).

Half of the VAT collected will be used to finance bonds issued for the construction of the city. The other half will go to pay for services such as garbage collection, Bukele said. The construction of Bitcoin City infrastructure will cost about 300,000 bitcoins.

"Invest here and make all the money you want. This is a fully ecological city that works and is energized by a volcano," El Salvador president said.

The country has already announced its intention to make bitcoin a legal tender along with the US dollar.

Bitcoin is not currently fully supported by any government, and El Salvador is currently a country with a cash economy, where about 70% of people do not have bank accounts or credit cards. However, a new bitcoin financial ecosystem is currently planned in the country as a baseline.

Related: Ukraine comes first in terms of number of cryptocurrency owners related to general population, - Triple-A

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