El Salvador, the only nation where bitcoin is a legal currency, plans to develop an entire city “Bitcoin City” based on the largest cryptocurrency, according to President Nayib Bukele, who spoke during Bitcoin Week in El Salvador on Saturday night.
Bitcoin City
“Bitcoin City” will be built beside a volcano along the Gulf of Fonseca. According to the president Bukele, the government of El Salvador is intending to create a power plant close to the volcano in order to facilitate the required power supply for Bitcoin city & crypto mining.
Bitcoin City will be a full-fledged metropolis, according to Bukele, featuring residential and commercial sectors, restaurants, an airport, a port, and rail service. The city will be set out in a circular (like a coin), with a plaza in the heart of the city housing a massive bitcoin sign. In the city, there will be no taxation on earnings, assets, capital gains, or salaries.
El Salvador also aims to issue a $1 billion US “bitcoin bond,” a tokenized financial instrument created by Blockstream, on the Liquid Network, according to Bukele. $500 million will be spent to help build critical energy and bitcoin mining infrastructure, and $500 million will be used to purchase even more bitcoin. That would raise the country’s treasury hoard to just under 2,000 bitcoins, based on the cryptocurrency’s latest market price of over $59,000.
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