El Salvador continues to position itself as a crypto hub leader with its latest plans to build a «Bitcoin City» with bonds backed by the same digital currency.
El Salvador President Nayib Bukele announced plans to build the world’s first «Bitcoin City» on Saturday as part of a week-long event to promote the South American nation as the hub of choice for the cryptocurrency.
«Invest here and make all the money you want,» Bukele said. «If you want bitcoin to spread over the world, we should build some Alexandrias.»
El Salvador became the world’s first country to adopt bitcoin as legal tender in September.
According to the tech savvy 40-year old, the city would be built in the eastern region of La Union and be powered by geothermal energy from a volcano.
Also, no taxes will be levied except for value-added tax of which half will be used to fund related bonds issued with the other half used to pay for services like garbage collection.
El Salvador plans to issue the bitcoin-backed bonds in 2022, Bukele added.