Delhi, First Published Nov 23, 2021, 2:01 PM IST
El Salvador plans to build the world’s first “bitcoin city”. Initially funded by Bitcoin-backed bonds, President Naib Bukele said on Saturday that the cryptocurrency would be used to fuel fuels in the Central American country of El Salvador.
Speaking at the closing ceremony of a week-long Bitcoin promotion in El Salvador, Bouquet said the country was implementing a plan to extract geothermal power from volcanoes in the eastern region of La Union and would not levy taxes other than value-added tax.
“Invest here and earn the money you need. – Said Bouquet at a beach resort in Misata.
Half of the tax levied will be used to build the city and the other half will be used for services such as waste collection, while public infrastructure will cost about 300,000 bitcoins, Bukele said. By September, El Salvador had become the first country in the world to accept Bitcoin as a legal tender.
Although Bukele is a popular president, opinion polls show that Salvadorans are skeptical of his liking for Bitcoin, and that Bitcoin’s sudden introduction has fueled protests against the government.
Comparing his plan to the cities founded by Alexander the Great, Buckley said Bitcoin City would be circular, with airports, residential and commercial areas, and a central plaza designed like the Bitcoin symbol from the air.
“If you want bitcoin to spread around the world, we need to build some Alexandria,” Bouquet, a technocrat who also declared himself El Salvador’s dictator in September, tweeted. Bouquet added that El Salvador had planned to issue initial bonds in 2022, within 60 days.
Last Updated Nov 23, 2021, 2:02 PM IST
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