According to the Reuters report, El Salvador is planning to build the world’s first “Bitcoin City,” funded initially by bitcoin-backed bonds, President Nayib Bukele said on Saturday. He doubled down on his bet to harness the cryptocurrency to fuel investment in the Central American country. The city planned in the eastern region of La Union would get geothermal power from a volcano and not levy any taxes except for value-added tax, President noted.
Invest here and make all the money you want: Nayib Bukele
“Invest here and make all the money you want,” President Bukele said in English, dressed all in white and wearing a reversed baseball cap, in the beach resort of Mizata. “This is a fully ecological city that works and is energized by a volcano.” According to the announcement, half of the VAT levied would be used to fund the bonds issued to build the city, and the other half would pay for services such as garbage collection, Bukele said, estimating the public infrastructure would cost around 300,000 bitcoins.
The coming digital securities laws in El Salvador will make it the new center of the financial world. @Bitfinex will be the first exchange to be issued a license ahead of the #BitcoinBond offering. 🌋🇸🇻 pic.twitter.com/IhCvJavfhv
— Samson Mow (@Excellion) November 21, 2021
El Salvador became the first country to adopt bitcoin as legal tender.
Likening his plan to cities founded by Alexander the Great, Bukele said Bitcoin City would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a bitcoin symbol from the air. “If you want bitcoin to spread over the world, we should build some Alexandrias,” the President said. Earlier, El Salvador had become the first country in the world to adopt bitcoin as an optional legal tender. Since then, the Central American country has managed to push bitcoin to the general public in great numbers.