El Salvador plans to build "Bitcoin City", the world's first 'bitcoin city', which will be financed with bonds, backed with cryptocurrency, the country's president, Nayib Bukele, revealed this Saturday at the end of the conference dedicated to the promotion. of the digital currency.
"I thought we had to make a big announcement this 'Bitcoin Week'. So today I want to announce that we are going to build the first 'Bitcoin City'," said the president.
It will be built between the city of La Unión and Conchagua in the shape of a circle, emulating a currency. The project includes a "large central square" that "will celebrate the creation of bitcoin," they specified from the Presidential House of El Salvador. "There will be a plaza with the 'B' of bitcoin carved into it, allowing light to enter the exhibition halls of the bitcoin museum. This is where people will learn about the evolution of money: from stones to perfection. of blockchain, "said the agency.
According to Bukele, it will be a new metropolis with residential areas, shopping centers, restaurants, a port, an airport, a train, "everything around bitcoin."
Its residents will be exempt from taxes, except VAT. "Half will be used to pay for the municipality's bonds and the rest for public infrastructure and city maintenance," the president said.
The energy will be obtained from a local geothermal plant in the Conchagua volcano, in the department of La Unión.
Samson Mow, strategy director of Blockstream, a provider of blockchain technology, reported that initially the Salvadoran authorities will issue bonds of 1 billion dollars backed by bitcoins in order to start raising funds to build the planned city.
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