El Salvador Plans to Build World’s First ‘Bitcoin City’
- El Salvador President Nayib Bukele has announced that the country is planning to build the world’s first “Bitcoin City”.
- The new city is planned to be developed in the eastern region of La Union and will be initially funded by bitcoin-backed bonds.
- It would get geothermal power from a volcano.
- Bitcoin City will not levy any taxes except for value added tax (VAT).
- One half of this VAT levied will be used to fund the bonds issued to build the city and the next half would be used to pay for services such as garbage collection.
- It must be remembered that in September 2021 El Salvador became the first country in the world to adopt bitcoin as legal tender.
Points to Remember:
- Which country is planning to launch world’s first Bitcoin City?
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El Salvador Capital: San Salvador; Currencies: Bitcoin, United States Dollar
Source: Business Standard