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El Salvador plans first ‘Bitcoin City’, backed by bitcoin bonds -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. El Salvador’s President Nayib Bakele addresses the crowd during the ceremony to lay Chivo Vet’s first stone. This veterinary hospital was funded with El Salvador’s bitcoin profits in Antiguo Cuscatlan (El Salvador), November 1

SAN SALVADOR -El Salvador intends to construct the world’s first Bitcoin City, according to President Nayib Bukele on Saturday. The move doubles down on Central America’s commitment on crypto currency.

Bukele spoke at the event that marked the closing of a week-long campaign to promote Bitcoin in El Salvador. She said that the proposed city located in the eastern part of El Salvador would receive its energy supply from the volcano, and there wouldn’t be any taxes other than Value Added Tax (VAT).

Bukele stated that the bond will become available for purchase in 2022 and would start funding the project in 2022.

Samson Mow (chief strategy officer at Blockstream blockchain technology provider) spoke alongside Bukele. He said that El Salvador will issue an initial $1 billion bond, backed with bitcoin, to raise funds for its planned city.

El Salvador in September became the first country in the world to adopt bitcoin as legal tender https://www.reuters.com/article/el-salvador-bitcoin-idTRNIKBN2G308Z.

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