El Salvador plans first ‘Bitcoin City’, backed by bitcoin bonds
SAN SALVADOR (Reuters) -El Salvador plans to assemble the world’s first “Bitcoin City” which could be funded initially by bitcoin bonds, President Nayib Bukele talked about on Saturday, doubling down on the Central American nation’s wager on the crypto international cash.
Speaking at an event to mark the shut of each week to promote bitcoin in El Salvador, Bukele talked about the city deliberate throughout the east of the nation would get its vitality present from a volcano and would not levy any taxes except for price added tax (VAT).
“We’ll start funding in 2022, the bonds could be obtainable in 2022,” Bukele suggested a cheering crowd on the event.
Speaking alongside Bukele, Samson Mow, chief method officer of blockchain know-how provider Blockstream, talked about El Salvador would initially concern a $1 billion bond backed by bitcoin to start out elevating funds for the deliberate metropolis.
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