El Salvador is poised to build the world’s first “Bitcoin City” which will be funded by bitcoin bonds, the Central American nation’s President Nayib Bukele said on Saturday.
The city, which is being planned in the east of the country, would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT), Bukele said at an event held to promote bitcoin in El Salvador.
“We’ll start funding in 2022, the bonds will be available in 2022,” Bukele said at the event.
Samson Mow, chief strategy officer of blockchain technology provider Blockstream, said El Salvador would initially issue a $1 billion bond backed by bitcoin to begin raising funds for the planned city.
El Salvador in September became the first country in the world to adopt bitcoin as legal tender.
- Kevin Hamlin and Reuters
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