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El Salvador plans first ‘Bitcoin City’, backed by bitcoin bonds

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SAN SALVADOR, Nov 20 (Reuters) – El Salvador plans to construct the world’s first “Bitcoin City” which will likely be funded initially by bitcoin bonds, President Nayib Bukele stated on Saturday, doubling down on the Central American nation’s guess on the crypto foreign money.

Speaking at an occasion to mark the shut of every week to advertise bitcoin in El Salvador, Bukele stated the town deliberate within the east of the nation would get its power provide from a volcano and wouldn’t levy any taxes aside from worth added tax (VAT).

“We’ll start funding in 2022, the bonds will be available in 2022,” Bukele instructed a cheering crowd on the occasion.

Speaking alongside Bukele, Samson Mow, chief technique officer of blockchain know-how supplier Blockstream, stated El Salvador would initially challenge a $1 billion bond backed by bitcoin to start elevating funds for the deliberate metropolis.

El Salvador in September turned the first nation on the earth to undertake bitcoin as authorized tender.

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Reporting by Nelson Renteria; Editing by Christopher Cushing

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