The World’s First Bitcoin City Appears

President Nayib Bukele speaks about his plans to build a Bitcoin city.

According to the latest information from Mr. Nayib Bukele, President of El Salvador, this Central American country is planning to build the world’s first Bitcoin city (Bitcoin City).

President Nayib Bukele speaks about the plan to build Bitcoin City.

According to the plan, Bitcoin City will be built along Fonseca Bay, at the foot of an inactive volcano. This city will be a mega-city with a lot of ancillary infrastructure such as residential areas, commercial centers, railway stations, airports, seaports and especially power plants to provide energy for the city. Bitcoin (and many other cryptocurrencies) mining.

To fund this plan, the El Salvador government is expected to issue a “Bitcoin bond” with a total value of $1 billion. This bond will also be tokenized and issued on Blockchain technology. With the above 1 billion USD, the government of El Salvador will use 500 million USD to build infrastructure for Bitcoin City. The remaining 500 million USD will be used to buy and store more Bitcoin.

Earlier in June 2021, El Salvador, this country from Central America became the first country in the world to accept Bitcoin as a legal currency. All goods and services can be listed in bitcoin, taxes can be paid in digital currency and transactions in bitcoin will not be subject to capital gain tax. a tax on capital obtained by an individual or a business, an investor may hold shares whose price has increased continuously over the years, but only if the investor sells the shares of the company. Only then will they be taxed).