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.

Disclaimer: Converged Media I would like to remind you that the data contained on this website may not be real-time or accurate. All CFDs (stocks, indices, futures) and foreign exchange prices are not provided by exchanges, but by market makers, so prices may be inaccurate and may be different from actual market prices, which means that prices are indicative and not Suitable for trading purposes. Therefore, Fusion Media is not responsible for any transaction losses that you may suffer as a result of using this data.

Converged Media Fusion Media or anyone associated with Fusion Media shall not be liable for any loss or damage caused by reliance on the data, quotations, charts, and buy/sell signals contained in this website. Please fully understand the risks and costs associated with financial market transactions. This is one of the most risky forms of investment.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *