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Cryptocurrency fueled 'Bitcoin City' planned for El Salvador

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El Salvador's president Nayib Bukele has announced his government plans to build an oceanside "Bitcoin City" near a volcano. Bukele unveiled the plan during a gathering of bitcoin enthusiasts on Saturday night. 

Bitcoin City

El Salvador's president Nayib Bukele has announced his government plans to build an oceanside "Bitcoin City" near a volcano. Bukele unveiled the plan during a gathering of bitcoin enthusiasts on Saturday night, In the same manner as Bukele used a Bitcoin conference in Miami to announce that El Salvador was to be the first country to make the cryptocurrency legal tender, Bukele announced that a bond offering would be conducted in Bitcoin only in 2022.

A bond offering in 2022 would be done entirely in cryptocurrency, Bukele said, and construction would begin 60 days after financing was finished. Located near the Conchagua volcano in the Gulf of Fonseca, the city will be powered by geothermal energy to provide electricity as well as bitcoin mining, which requires complex mathematical calculations to be solved day and night to verify currency transactions. There will only be one tax in the city, the value-added tax, which will pay for the bonds backed by the city and the rest for the maintenance of infrastructure and businesses. The city will not have any property or income taxes, nor will it have municipal taxes.

The city would be built with attracting foreign investment in mind. There would be residential areas, malls, restaurants and a port", Bukele said.

“Invest here and earn all the money you want,” Bukele said at the closing of the Latin American Bitcoin and Blockchain Conference being held in El Salvador.

A pilot Bitcoin mining project is already underway in a geothermal plant beside Tecapa volcano. A $150 million fund is backing the project. The government of El Salvador offered $30 in credit as an incentive for Salvadorans to use the digital wallet. Bitcoin was originally designed to operate outside of government regulation.

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