El Salvador Plans To Build A Bitcoin City

2021-11-23 00:05:56
El Salvador’s New Bitcoin Venture

It seems El Salvador doesn’t take any breaks from bitcoin-related ideas, and the latest news that they will build a bitcoin city only confirms this fact. Ever since President Bukele announced that bitcoin is a legal tender in El Salvador earlier this year, the country is on a constant and relentless crypto-expansion.

While speaking at the bitcoin conference that lasted an entire week, President Nayib Bukele revealed plans that El Salvador wants to build a city that will run on crypto, i.e. bitcoin. Specifically, the city would emerge in the eastern part of the country or the region known as La Union.

The coolest part about the whole plan is the power source of the potential bitcoin city. For that matter, President Bukele reveals that the city will use a volcano to obtain geothermal power.

Consequently, President Nayib Bukele reveals that due to this unique situation, there will be no additional taxes, except VAT. Also, this type of extracting geothermal energy is 100% green, with zero emissions.

Invest here and make all the money you want. This is a fully ecological city that works and is energized by a volcano.Nayib Bukele | President of El Salvador

Another interesting fact is that the city will be in a circular shape. Moreover, President Bukele confirms this and adds that despite this unique architecture, the city will still have modern-day logistics.

This includes an airport, both commercial and residential sections and a central town plaza. The unique thing about the town plaza is that it will feature a giant bitcoin symbol, visible from the air.

Making It Happen

In order to successfully build the bitcoin city, El Salvador will turn to iFinex and Adam Back’s Blockstream. They will provide a 1 billion bitcoin bond to the country.

iFinex is the company that created Tether (USDT) and Bitfinex, and is a major player in the blockchain world. 

Afterwards, this bond will operate as a tokenized financial asset on the Liquid Network. According to the CTO of Blockstream, Samson Mow, El Salvador will receive the funds in half.

The $1 billion US raised will be split between a $500M allocation of bitcoin (BTC), and a $500M infrastructure spend for building out energy and Bitcoin mining infrastructure in the region.Blockstream Official Statement

 

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