El Salvador was the first country in the world to legalize bitcoin as legal tender, and El Salvador’s President Nayib Bukele said he plans to build the world’s first “Bitcoin City,” powered by the energy of volcanoes and funded by cryptocurrency bonds. He said this at the Latin American Bitcoin and Blockchain conference on Saturday. This Bitcoin City will be complete with residential, commercial, service, museum, entertainment, airport, port, railroad areas.
To fund the project, El Salvador will issue $ 1 billion “bitcoin bonds” in 2022, according to Samson Mow, chief strategy officer of Blockstream, a blockchain tech provider.
Bukele said the Conchagua volcano “will fuel the entire city and also power the mining.” On stage with Bukele, Mow said half of the “volcanic bonds” would be invested in bitcoin and the other half in infrastructure.
“El Salvador will be the financial center of the world,” Mow said.
Bukele said Bitcoin City will only charge value added tax (VAT):
“We will have zero income tax. Zero percent forever. Zero capital gains tax… zero property tax, zero payroll tax,” the words of the president of El Salvador.
President Nayib Bukele spoke in Santa Maria Mizata (El Salvador), on November 21. The Salvadoran president participated in an activity that brought together foreigners and investors who met in the Central American country to learn about the implementation of bitcoin, which has been circulating in the area since 7 September. Bukele gave a speech in English during his participation in the event which was held in a hotel on the tourist beach of Mizata, in the central department of La Libertad.
