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El Salvador To Build First-Ever "Bitcoin City" Powered By A Volcano

Credit: Reuters

On 21 November, President Nayib Bukele of El Salvador announced that the country will be working to build an entire city based on the largest cryptocurrency, Bitcoin. According to TIME, El Salvador's government will be building an oceanside "Bitcoin CIty" located along the Gulf of Fonseca, at the base of a volcano.

In addition to that, they will be building a power plant by the said volcano to provide a source of energy for both the city and bitcoin mining. Bukele said that the city will include residential and commercial areas, restaurants, airport, port, and rail service. On top of that, the "Bitcoin City" will be laid out in a circle, resembling a coin, while the city centre will be a plaza that be host to a huge bitcoin symbol.

Meanwhile, he added that there will be no income, property, capital gains, or payroll taxes. Investors will be awarded permanent residence and be fast-tracked to citizenship.

That said, a bond offering will happen in 2022 entirely in bitcoin and 60 days after the financing is ready, the construction will begin. What do you think about this?


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