El Salvador’s President Announces Plans To Build Bitcoin City

El Salvador President Naiba Bukele intends to build a city of miners at the foot of the Conchagua volcano, using cryptocurrency to fund the project.

It is assumed that the new settlement will be in the shape of a coin, and for the convenience and efficiency of mining digital currency, it will be located next to a source of geothermal energy in the southeastern region of La Union.

According to the plans of the head of state, bars and restaurants, residential and commercial areas, an airport and a railway will appear in Bitcoin City, all of them dedicated to the crypto coin. In addition, the city will not levy income tax, only VAT will have to be paid.

Bukele, 40, plans to make the mining metropolis sustainable and cutting-edge in every respect. To finance construction in El Salvador, the world’s first bitcoin bonds will be issued. It is noted that half of the proceeds from the extraction of currency will be used to build up the city, while the rest will be used to keep the streets clean and tidy.

The head of state did not name the exact date of construction of the city, but specified that, according to his estimates, most of the public infrastructure will cost about 300 thousand bitcoins.

El Salvador in September recognized bitcoin as an official means of payment. However, local residents are skeptical about the use of “crypt” as a currency, and problems with the introduction of the token have led to protests.

Bitcoin hit its highs in early November. According to the CFO, the head of the department of trading operations of the crypto fund ICB Fund Chen Limin, the rise in the price of bitcoin (BTC) to $ 68,600 is associated with the dynamics of the cryptocurrency market. The economic phenomenon is driven by the actions of big players.

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