El Salvador Is Building a City Dedicated to Bitcoin
Share this article
President Nayib Bukele announced that El Salvador would build ”Bitcoin City” at Bitcoin Week 2021 last night.
El Salvador Plans Bitcoin City
El Salvador is doubling down on its commitment to Bitcoin.
President Nayib Bukele announced that the Central American country, which introduced Bitcoin as legal tender in September, will be building a city dedicated to Bitcoin in a presentation at Bitcoin Week 2021 last night. El Salvador’s presidential office also tweeted the news following the announcement.
“Pensé que teníamos que dar un anuncio grande en esta #BitcoinWeek. Así que hoy quiero anunciar que vamos a construir la primera #BitcoinCity”, Presidente @nayibukele. pic.twitter.com/7yHQLyIjBx
— Casa Presidencial 🇸🇻 (@PresidenciaSV) November 21, 2021
“Bitcoin City” will have its own residential and commercial areas, restaurants, and a plaza, Bukele said. He also confirmed that residents would not be subject to income tax, property tax, capital gains tax, or payroll tax, although they will be required to pay a 10% value added tax to fund construction and services.
The project will initially be funded by $1 billion in Bitcoin bonds, Bukele announced at the event. Of the $1 billion sum, $500 million will go toward building energy and mining infrastructure, and the rest will be used to invest in Bitcoin. The bond will be developed by Blockstream on the Liquid Network, a Bitcoin sidechain that helps scale the network by facilitating faster payments than the base chain.
Detailing the plans for the city, Bukele said:
“In Bitcoin City we will have digital and technological education, geothermal energy for the entire city, and efficient and sustainable public transport”
According to a Blockstream press release, Bitfinex will also be involved in the project, launching a securities platform to host the Bitcoin bonds.
“Bitcoin City” will be located near the Conchagua volcano, and Bukele said the government would build a power plant nearby to provide energy for the city and mining Bitcoin. El Salvador began using its volcanoes to mine Bitcoin soon after the asset was introduced as an official currency.
El Salvador adopted Bitcoin as a legal currency in September to mixed responses. Since the law came into effect, skeptical citizens have protested the move, despite Bukele’s concentrated efforts to promote the asset.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
El Salvador Volcanoes Have Started Mining Bitcoin
El Salvador’s Bitcoin mining efforts are heating up, as the Central American nation has successfully mined Bitcoin using the geothermal energy of a volcano. El Salvador Mines Clean Bitcoin Using…
What is Rarible: A DAO for NFTs
What was once dismissed as a silly and expensive sector, NFTs give creators access to global markets in a way that’s never been possible before, and it’s all thanks to blockchain.Those familiar…
El Salvador Will Use Bitcoin Profits to Build New Schools
The construction of the buildings is planned as part of El Salvador’s Mi Nueva Escuela education program. El Salvador Building Schools With Bitcoin Gains El Salvador is planning on using…
El Salvador Buys Another 420 Bitcoin as Market Dips
Salvadoran president Nayib Bukele has once again taken to Twitter announcing the country’s latest purchase of Bitcoin. El Salvador Buys the Dip Again El Salvador can’t stop buying Bitcoin. President…