El Salvador plans first “Bitcoin City” backed by Bitcoin bonds Reuters

© Reuters.File photo: Salvadoran President Nayib Bukele speaks at the groundbreaking ceremony for Chivo Vet

San Salvador (Reuters)-El Salvador’s President Naibu Buquer stated on Saturday that El Salvador plans to build the world’s first “city”, which will initially be funded by Bitcoin bonds. The Central American country’s bet on cryptocurrencies has turned upside down. For a while.

At the end of the week of Bitcoin promotion in El Salvador, Bukele stated that the planned city in the eastern part of the country will obtain energy from the volcano and will not levy any taxes except value-added tax (VAT). ).

“We will start financing in 2022, and bonds will be available in 2022,” Bukele said to the cheering crowd at the event.

Samson Mow, chief strategy officer of blockchain technology provider Blockstream, said along with Bukele that El Salvador will initially issue a $1 billion bond backed by Bitcoin to begin raising funds for planned cities.

El Salvador became the first country in the world to adopt Bitcoin as legal tender in September https://www.reuters.com/article/el-salvador-bitcoin-idTRNIKBN2G308Z.

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