El Salvador wants to finance a brand new city with bitcoin

El Salvador wants to finance a brand new city with bitcoin

Earlier this year, El Salvador adopted bitcoin as a legal tender and now the country continues along the beaten path. On Saturday, the country’s president Nayib Bukele went out and told about plans to build a city financed by bitocin-backed bonds, reports Reuters.

The city – called “Bitcoin City” – will be built at the foot of a volcano that will provide it with geothermal energy and no taxes will be levied more than VAT according to the plan.

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The VAT revenue would be used half to finance the bonds and half to pay for services such as waste collection. According to President Bukele, it is estimated that the public infrastructure costs around 300,000 bitcoins.

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