El Salvador builds the world’s first “Bitcoin city”

Bitcoin Pedestal

Last June El Salvador became the first country in the world to adopt the Bitcoin official currency and, therefore, legal tender.

El Salvador aims to build the world’s first “Bitcoin city” funded entirely with cryptocurrencies

Nayib Bukele, the president of the Latin American country, wants to go further, and has just announced his intention to build the world’s first “Bitcoin city”. The construction of the city will be financed entirely with cryptocurrencies, and Bukele’s goal is to attract investors to the Central American country.

The announcement took place during a promotional event on the strengths of Bitcoin and its advantages for the Salvadoran economy. As the president said, the city will be built in the east of the country harnessing the geothermal energy of a volcano: “This is a totally ecological city”.

The president also announced that investment in the construction of this city will be tax-free, except for value added tax (VAT). Bukele appealed to potential investors to “invest here and make as much money as you want”.

According to the president’s calculations, it will take about 300,000 Bitcoins.. to build the city and provide it with infrastructure. Approximately, this represents just over 15.5 billion euros. Bukele has already set a date for the issuance of the first bonds, which will be available in early 2022. The first 10-year issue will be worth 886.5 million euros. Half of that money will be used to buy bitcoins on the market.

The Salvadoran president has advanced that Bitcoin City will be a circular city and whose central square will be in the shape of the Bitcoin symbol. In addition, the city will have an airport, shopping area and residential neighborhoods. “If we want bitcoin to spread around the world, we should build some Alexandria,” concluded the president.

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