El Salvador plans to construct a “Bitcoin City” funded by the cryptocurrency, the country’s President Nayib Bukele announced Saturday.
The city will be built near Conchagua volcano in south eastern El Salvador and will have no taxes except from value-added tax, which is a levy on goods and services at each step along the supply chain. Construction will begin in 2022.
In addition, El Salvador plans to raise about $1 billion through a “Bitcoin Bond.” The country plans to partner with Blockstream, a digital assets infrastructure company, to raise the funds, half of which will be used to buy bitcoin. The other half will go toward funding mining infrastructure, the government said.
El Salvador plans to construct a “Bitcoin City” funded by the cryptocurrency, the country’s President Nayib Bukele announced Saturday.
The city will be built near Conchagua volcano in south eastern El Salvador and will have no taxes except from value-added tax, which is a levy on goods and services at each step along the supply chain. Construction will begin in 2022.
In addition, El Salvador plans to raise about $1 billion through a “Bitcoin Bond.” The country plans to partner with Blockstream, a digital assets infrastructure company, to raise the funds, half of which will be used to buy bitcoin. The other half will go toward funding mining infrastructure, the government said.