‘BitcoinCity’, the new city El Salvador is planning to build

World'BitcoinCity', the new city El Salvador is planning to...

  • The country’s president, Nayib Bukele, announced that an urban center would be built with barely any taxes: “Bitcoin will save the world”.

President nb watch Announced the Bitcoin City project on Saturday night which will be in the works eastern el salvador,

The President of Salvador took part in an activity that brings together foreigners and investors who met in the Central American country to learn about the implementation of bitcoin, which has been circulating in the region since September 7.

Bukele gave a speech in English while attending an event at a hotel on tourist Mijata beach, the central department of La Libertad.

According to the Secretary of the Presidency, President of Salvador Announces Project ‘BitcoinCity’ And presented the logo of the same to the people present.

Bukele indicated that the city above, which would be built near the Conchagua volcano (east), would “legally have the office of a municipal mayor and all.”

“What will #BitcoinCity have? It’s all going to happen. Residences, shops, services, museums, bars, restaurants, airports,” Bukele said on Twitter, according to messages from the presidency.

In addition, the city will “Residential, green area, it will be very technical, but also eco-friendly”,

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He explained that “in the beginning we will power the city from the ‘old volcano’, the old geothermal plant. Then the city will have a new one (volcano) and that will power the city and mine (Bitcoin)”.

El Salvador has a Geothermal Power Plant to Generate Geothermal Energy for Bitcoin Mining, located in the Eastern Municipality of Berlin.

“There will be zero property tax in #BitcoinCity, no tax on rent and no municipal tax (…) If they want to invest in El Salvador this is the opportunity to do so,” the president said. Bukele said thatBitcoin Will Save the World and Start Here, in El Salvador,

El Salvador completed two months of legal adoption of bitcoin as its exchange currency alongside the US dollar on November 7.

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These first 60 days were marked by controversies that the project had drawn from from the start, low acceptance among informal commerce and the “gains” left to the government by a bullish streak in the price of the cryptoactive.

El Salvador was the first country in the world to adopt bitcoin and despite Financial Problems You’ll Have to Cover Your Annual Budget Yourself, allocated more than $ 200 million for its implementation.

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