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Bitcoin City, what is it and how much will the El Salvador metropolis project cost

Mexico, Veracruz-Llave, Francia
Published 1 week ago
ID #1029
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Bitcoin City, what is it and how much will the El Salvador metropolis project cost
Mexico, Veracruz-Llave, Francia,
Published 1 week ago

Description

El Salvador has once again revolutionized the crypto industry with the recent announcement of its Bitcoin City project, a 100% functional city free of taxes, with the exception of VAT, which the country's president, Nayib Bukelele plans to finance with dollar-denominated bonds. The initiative was revealed by the president during the Bitcoin Week conference to celebrate the adoption of the digital asset in the country.

In September, El Salvador became the first country in the world to adopt bitcoin as legal tender. However, its deployment has not been without its problems and Salvadoran citizens have been skeptical about the adoption of the cryptocurrency, prompting protests in the country.

After the adoption of the cryptocurrency, the government of the Central American nation has also been the first in the world to add the cryptocurrency to its asset reserves, buying bitcoins in various operations. It currently has 1,120 bitcoins and has reinvested the profits in various infrastructure projects, such as the construction of 20 new schools and a new veterinary hospital in the country's capital.

Bukele has shown that its commitment to this asset remains firm, with the announcement of Bitcoin City, which will be financed with tokenized bonds of 1 billion dollars over 10 years and its development will involve prominent digital asset firms such as Bitfinex and Blockstream. Bitfinex CTO Paolo Ardoino stated that the exchange will launch a securities platform to hold Bitcoin bonds for the El Salvador initiative.

The public infrastructure will amount to about 15,500 million euros 300,000 bitcoins, as announced by Bukele himself.

The Salvadoran president added that Bitcoin City will become a fully functional city with shopping malls, residential areas, restaurants, an airport and a central square shaped like a BTC symbol from above.

In the city, the value added tax (VAT) would also be collected, according to Bukele, which is used to pay the municipality's bonds and the development and maintenance of public infrastructures.

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    micakanow
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    Mexico, Veracruz-Llave, Francia
    Llave 55 St 384