El Salvador plans to build first Bitcoin City with zero carbon emission

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El Salvador, the country known for being the first to adopt Bitcoin as its legal tender, has decided to build a whole city based on the king coin. Nayib Bukele, the president, during the Saturday night presentation at Bitcoin Week, revealed.

The president informed that the “Bitcoin City” will be built along the Gulf of Fonseca near a volcano, and he has planned to locate a power plant by the volcano for energy offerings for both the BTC mining and the city.

Bitcoin city in El Salvador will be a full-fledged metropolis with commercial areas, residential, an airport, a rail service, a port, and restaurants. The city is planned to be laid out in the shape of a circle (similar to a coin). The government has also planned on making the city center a plaza to host a massive BTC symbol. The city is decided to be free of income, property, payroll taxes, and capital gains.

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El Salvador reserves $500M from the $1B bond offering to buy more BTC

As TheCoinRise reported early today about the plans of El Salvador over the issuance of $1 billion US “BTC Bond,” a financial tool developed by Blockstream, on the sidechain-based settlement network, Liquid Network. From that amount, the government is planning to use $500 million to help build needed infrastructure and energy and to buy even more Bitcoins.

With the current price (around $59,000) of the king coin, the country would bring around 2,000 more BTC to its treasury stash. The country recently bought 420 BTC worth around $25 million, as we reported.

Blockstream, in a release, said that El Salvador is also bringing a securities law and granting a license to Bitfinex Securities to speed up the issuance process.

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The grand announcement of the Bitcoin City with 0% taxes and no CO2 emission by the young president is attracting multiple fresh individuals to the cryptocurrency market. The country is aiming to become the Bitcoin hub for the world, and the recent decision is the solid step towards the goal.

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