El Salvador, the only country where bitcoin is legal. It’s going to build an entire city using the largest digital currency. President Nayib Bukele said at a presentation Saturday night at Bitcoin Week in El Salvador.
“Bitcoin City” will be located on the bay of Fonseca near the volcano. The government plans to set up a power plant next to the volcano to provide energy for both the city and bitcoin mining, the president said.
According to Bukele, Bitcoin City will be a megacity full of residential and commercial districts, restaurants, airports, and port and rail services. And in the center of the city is a plaza with a large bitcoin symbol, and the city is not taxed on income, property, capital gains. or any salary
Bukele also said that El Salvador plans to issue $1 billion worth of “bitcoin bonds”. It is a financial tool developed by Blockstream on the Liquid network. Of that amount, $500 million will be used to help generate the necessary energy and bitcoin mining infrastructure, and $500 million to buy more bitcoin.
El Salvador is committed to creating securities laws and grants Bitfinex a securities license to operate.
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