El Salvador plans to build the world’s first “bitcoin city”, initially funded by bitcoin-backed bonds, President Naive Bukla announced last night (Saturday), doubling his investment in harnessing the crypto currency to fuel investments in the central country of America.
Speaking at a one-week Bitcoin promotion closing event in El Salvador, Buckle said the city planned in the eastern part of La Union will receive volcanic power from volcanoes and not charge taxes other than value added tax (VAT). “Invest here and make all the money you want,” he said. Bukla in English, all dressed in white and wearing an inverted baseball cap, at the resort on the beach of Mizata. “This is a completely ecological city that works and is operated by a volcano.”
Half of the VAT it will collect will be used to fund the bonds issued to build the city, and the other half will pay for services like garbage collection, Bukla promised, according to public infrastructure estimates, the price will circle around 300,000 bitcoins. Regarding his love for Bitcoin, and his crystallizing income has provoked protests against the government.
El Salvador planned to issue the initial bonds in 2022, Bucle said, proposing it would be in 60 days. The “volcano” will be worth $ 1 billion, backed by Bitcoin and will carry a 6.5% coupon. Half of that amount will go to buying Bitcoin in the market, he said. Other bonds will follow.
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