El Salvador plans to build a Bitcoin City

El Salvador plans to build a Bitcoin City

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El Salvador passed a law making it the first country in the world to use Bitcoin as legal tender. Now, the country’s President Nayib Bukele has announced that they’re planning to construct a Bitcoin City near a volcano, along the cost of the Gulf of Fonseca.

The new Bitcoin City will be a "full-fledged metropolis with residential and commercial areas, restaurants, an airport as well as a port and rail service. The city will be laid out in a circle (like a coin) and in the city center will be a plaza that will be host to a huge bitcoin symbol. The city will have no income, property, capital gains or payroll taxes" as CoinDesk reports.

El Salvador plans to raise about $1 billion via a “Bitcoin Bond” in partnership with Blockstream, a digital assets infrastructure company. Half of the funds will be used to buy bitcoin, while the other $500 million will go toward energy and bitcoin mining infrastructure.

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