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Nayib Bukele On Saturday, El Salvador’s President Nayib Bukele announced plans to build the world’s first “Bitcoin City.” The city will have residential and commercial areas, restaurants, entertainment venues, and an airport, and will be funded initially by bitcoin-backed bonds.
“Speaking at an event to mark the close of a week to promote bitcoin in El Salvador, Bukele said the city 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),” reported Fox Business .
“We’ll start funding in 2022, the bonds will be available in 2022,” Bukele said.
“Invest here and make all the money you want,” Bukele told the crowd. “This is a fully ecological city that works and is energized by a volcano.”
Samson Mow, chief strategy officer of blockchain technology provider Blockstream, joined Bukele, and said that the country would issue a $1 billion bitcoin-backed bond which would spearhead funding for the building plans.
Back in June, El Salvador made history as the country’s legislature passed a law making Bitcoin legal tender in the Central American nation.“The designation allows bitcoin, the world’s largest cryptocurrency by market value, to be used to pay taxes. […]
Read the whole story at www.dailywire.com
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