El Salvador’s President Nayib Buquele said he plans to build the world’s first “Bitcoin City. It will be financed by bonds backed by bitcoins.
According to Buquelet, the city, which will be located in the eastern region, will receive geothermal energy from a volcano. Its residents won’t be charged any taxes other than value-added tax (VAT). “Invest here and make as much money as you want,” Buchele told Reuters.
According to the president, half of the VAT levied will be used to finance construction of the city, and the other half will be used to pay for services such as garbage collection.
Recall that El Salvador in September became the first country in the world to accept bitcoin as legal tender.
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