Bitcoin has been a legal tender in El Salvador for two months, and now the country has just taken a new step. Nayib bukele announced the construction of “Bitcoin City”.
On September 7, Bukele put the bitcoin as legal tender in The Savior and thus made it the first country to authorize the cryptocurrency.
Bukele took a new step by announcing that it will build “Bitcoin City”, a city that seeks to turn the country into a global financial center.
“Bitcoin has begun to change the world and will change it even more. El Salvador is in a historic moment,” the president told a crowd gathered in Mizata, a Pacific beach located 80km southwest of San Salvador.
“The city is going to have everything: residential and commercial areas, services, museums, entertainment, bars, restaurants, airport, port, train, everything,” Bukele said in English.
“With the mayor and everything,” he added.
The city will be located in the Gulf of Fonseca, southeast of the country, in the coastal city of Conchagua, where the volcano of the same name is located, which will give you energy through a geothermal plant.
“We will take advantage of geothermal power generation for the city and bitcoin mining,” Bukele explained.
“This is a completely ecological city, which is energized by a volcano,” he said.
Also, Bukele stressed that the only tax that the “Bitcoin City” will have is the value added tax (VAT), which will serve to maintain the city.
“We will have no income tax, forever. No income taxes, zero property taxes, no hiring taxes, zero municipal taxes and zero carbon dioxide emissions,” he said.
In addition, the new city will be financed with bonds issued in the bitcoin ecosystem, equivalent to about 1,000 million dollars.
Of these, half will be invested in buying more bitcoins and the other half in the infrastructure of the new city.
“El Salvador will be the financial center of the world. The Singapore of America,” said Samsom Mow, Strategic Director Blockstream, blockchain technology provider.
At the conference he was Max keizer, a bitcoin evangelist, who broke dollars in public.
In addition, the American participated virtually Sam Bankman-Fried, CEO of FTX and one of the richest people in cryptocurrencies in the world, according to Forbes, with a fortune equivalent to 26,000 million dollars.