The Salvadoran government has announced the construction of a Bitcoin city. In Bitcoin City at the foot of the Conchagua volcano on the Pacific coast, taxes will hardly be due and data centers will be built for the creation of the energy-intensive digital currency, said President Nayib Bukele on Saturday. The government will provide the infrastructure, and private investors will then build offices, shopping centers and apartments. As a special economic zone, only VAT is charged in the Bitcoin city. A geothermal power plant on the Conchagua volcano is to generate the energy required to mine the cryptocurrency Bitcoin. For this purpose, complex computing operations are carried out in server centers in order to verify the transactions in Bitcoin. President Bukele also announced that he would issue Bitcoin government bonds in the coming year. As the first country in the world, El Salvador made Bitcoin legal tender in September.
Cryptocurrencies – El Salvador Builds Bitcoin City – Economy
