El Salvador will build the world's first Bitcoin City

The project is run jointly with Blockstream and Bitfinex

22.11.2021 - 07:15

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What’s new? According to the CoinDesk portal, El Salvador's President Nayib Bukele has announced the creation of the world's first Bitcoin City. The new metropolis will be built next to a volcano and its energy will be used for cryptocurrency mining.

News source on CoinDesk

What is known about the future city? The government will issue $1 billion worth of bitcoin bonds in partnership with Blockstream and Bitfinex to build it. The Bitcoin City residents will face zero taxes on income, property, capital gains, and wages. The only tax will be 10% VAT, which will be used to maintain all infrastructure and repay bond obligations.

According to the president, Bitcoin City will be a full-fledged metropolis with residential and commercial areas, restaurants, an airport, a seaport, and a railway station. The city will be shaped like a circle (a coin), and a huge bitcoin symbol will be placed in the central square.

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