El Salvador has plans to create an ENTIRE CITY based on Bitcoin

El Salvador's government wants to build a 'Bitcoin City', city is shaped like a coin, and it would be built next to a volcano.

@anthony256
Published Sun, Nov 21 2021 9:30 PM CST

El Salvador has been far out and ahead of the curve when it comes to adopting and advocating for cryptocurrencies, mostly Bitcoin, but this news takes the place.

El Salvador President Nayib Bukele told a crowd on Saturday night during El Salvador's recent Bitcoin Week that the new "Bitcoin City" would be made near a volcano, along the cost of the Gulf of Fonseca. The government plans on placing the power plant near a volcano, which would be great for both mining -- low power costs, great on the environment -- and for the city itself.

The exciting new Bitcoin City would be a "full-fledged metropolis with residential and commercial areas, restaurants, an airport as well as a port and rail service. The city will be laid out in a circle (like a coin) and in the city center will be a plaza that will be host to a huge bitcoin symbol. The city will have no income, property, capital gains or payroll taxes" reports CoinDesk.

The country would also issue $1 billion US in "bitcoin bond" that would act as a tokenized financial instrument developed by Blockstream, on the Liquid Network. $500 million of that will be used to help construction, Bitcoin mining infrastructure, and more -- while the other $500 million would buy even more Bitcoin.

El Salvador has plans to create an ENTIRE CITY based on Bitcoin 03 | TweakTown.com
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NEWS SOURCE:coindesk.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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