2021-11-22 02:53:32
El Salvador to launch a Bitcoin city backed by $1 billion bitcoin bonds
The initiative, called Bitcoin City, was announced by President Bukele at the Bitcoin Week in El Salvador, which aimed to celebrate the widespread adoption of Bitcoin in the country and increased citizen participation.
“At BitcoinCity, we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport” - Bukele said in a statement.
Well-known crypto companies will actively participate in the development of Bitcoin City, including the cryptocurrency exchange Bitfinex and Blockstream.
The president expects Bitcoin City to become a fully functional city with residential areas, shopping malls, restaurants, a port, "everything around Bitcoin." In addition, residents will only be charged value added tax (VAT), which Bukele said will be used to pay the municipality's bonds, while the remainder will be spent on public infrastructure and city maintenance.
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