El Salvador will create the Bitcoin city

El Salvador will create the Bitcoin City. This was announced by the President of the Republic of El Salvador, Nayib Bukele, within the framework of the closing of the “Bitcoin Week” event, which aimed to promote blockchain technology.

The new city Bitcoin City will have as a source of financing a single tax that will be VAT in the order of 10 %, with which it will pay for services and infrastructure investments. “Half will be used to pay the municipal bonds and the rest for public infrastructure and city maintenance,” Bukele indicated.

The new bitcoin city, the first in the world, will operate in the La Unión department, which is the most populated in the Conchagua municipality. Citizens will be able to work in the #BitcoinCity and live in the Union, as well as enjoy and take advantage of the investment and development benefits that the new city will provide.

¡El Salvador será el primer país del mundo en tener una #BitcoinCity!
Estará entre la ciudad de La Unión y Conchagua. Las personas podrán vivir en La Unión pero trabajar en la #BitcoinCity. Pronto empezarán a ver todos los beneficios, cuando el desarrollo y la inversión llegue. pic.twitter.com/21bx7Yc5aJ

— Casa Presidencial 🇸🇻 (@PresidenciaSV) November 21, 2021

Ecological Bitcoin city

Another characteristic of the Bitcoin City is that it will work with renewable energy, stimulated by the Conchagua volcano and the government plans to finance it with bitcoin bonds in the beginning.

President Bukele, together with Samson Mow, Blockstream’s director of strategy, announced that, for next year, El Salvador will be issuing “bitcoin sovereign bonds” for a value of one billion dollars, with which they plan to start the construction of this new city.

The objective is “to facilitate investment in business and technology.” The new city will have green areas, spaces to share and work and everything will be digital, said Bukele.

M. Rodríguez

Source: lahora.gt