HomeTrading NewsEl Salvador to Create ‘Bitcoin City,’ Use $500M of Planned $1B Bond Offering to Buy More Crypto

El Salvador to Create ‘Bitcoin City,’ Use $500M of Planned $1B Bond Offering to Buy More Crypto

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El Salvador plans ‘Bitcoin City’

Gearing up for something out of this world…El Salvador’s President Nayib Bukele took to the stage over the weekend to announce plans to build the first-ever Bitcoin City.”It is going to be right there in the Fonseca Gulf, and it is going to include everything: residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail, everything devoted to bitcoin.”His aim: to build a circular city at the base of the Conchagua volcano in the country’s eastern region of La Union, where the volcano’s geothermal energy would power Bitcoin mining.”Because this it’s a fully, fully ecological city that works and it’s energized by a volcano. That is just right in the site of the city, so let’s make our city everybody.”The plan will initially be funded by Bitcoin-backed bonds, with the first to be issued early next year. And Bukele said no taxes other than VAT would be levied.It’s a doubling down on the President’s commitment to Bitcoin, after El Salvador became the first country in the world to adopt the cryptocurrency as legal tender in September.But not everyone is a fan, many Salvadorans remain skeptical and Bitcoin’s bumpy introduction has already fueled anti-government protests.

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