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- Published: November 21, 2021 12:14
New Delhi: El Salvador plans to build the world’s first “Bitcoin City” n the world which will be funded by the initially by bitcoin bonds.
The announcement was made on Saturday (November 20) by President Nayib Bukele.
While speaking at the event to mark the close of a week to promote bitcoin in El Salvador, Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT).
“We’ll start funding in 2022, the bonds will be available in 2022,” said Bukele.
Here is how Twitterati reacted:
First #bitcoin bond. Crazy when you think about it. pic.twitter.com/GwXr89zrxp
— Nicolas Burtey ??⚡️ (@nicolasburtey) November 21, 2021
The #BitcoinBond is coming. The first one will be the “Volcano Bond.” Backed by #Bitcoin and with a special Bitcoin Dividend. Excited to make this a reality with @nayibbukele, @paoloardoino, and @bitcoinlawyer. ???? pic.twitter.com/08cBoZNh8Q
— Samson Mow (@Excellion) November 21, 2021
#BITCOIN CITY IS A SPECULATIVE ATTACK ON EVERY OTHER CITY IN THE WORLD @nayibbukele pic.twitter.com/k0RPeuWiup
— ₿itcoin Gandalf (@BTCGandalf) November 21, 2021
Prolly nothing. https://t.co/vbhuGg28PK
— Nayib Bukele ?? (@nayibbukele) November 21, 2021
In September, El Salvador became the first country in the world to adopt bitcoin as legal tender.