El Salvador will build the world's first Bitcoin City
The project is run jointly with Blockstream and Bitfinex
22.11.2021 - 07:15
273
1 min
0
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.
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.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024