El Salvador, the only nation in which bitcoin is a legal tender, is going to develop a whole city based upon the biggest cryptocurrency, President Nayib Bukele stated in a Saturday night discussion at Bitcoin Week in El Salvador.
“Bitcoin City” will be found along the Gulf of Fonseca near a volcano. The federal government intends on finding a power plant by the volcano to offer energy for both the city and bitcoin mining, the president stated.
According to Bukele, Bitcoin City will be a full-fledged metropolitan area with domestic and industrial locations, dining establishments, an airport in addition to a port and rail service. The city will be set out in a circle (like a coin) and in the town hall will be a plaza that will be host to a substantial bitcoin sign. The city will have no earnings, home, capital gains or payroll taxes.
Bukele likewise stated El Salvador intends on releasing $1 billion United States “bitcoin bond,” a tokenized monetary instrument established by Blockstream, on the Liquid Network. Of that quantity, $500 million will be utilized to assist construct required energy and bitcoin mining facilities and $500 million to purchase a lot more bitcoin. At the cryptocurrency’s current trading cost of about $59,000, that would bring the nation’s treasury stash to simply under 2,000 bitcoins.
El Salvador means to develop a securities law and approve a license to Bitfinex Securities to process the issuance, Blockstream said in a release.
Read more: Almost a Third of Salvadorans Are Using the Bitcoin Wallet, Bukele Says
