New Delhi: After declaring cryptocurrency as legal tender, El Salvador may well be on path of achieving anther first in taking the cryptocurrency trading to next level.
El Salvador is planning to build a ‘Bitcoin City’ powered by a volcano & financed by crypto bonds, said a report.
A leading portal, citing President Nayib Bukele said that the exclusively built city will be equipped with all social amenities like commercial areas, services, museums, entertainment zones which will serve the residential community.
Latin American country President made the statement while speaking at the Latin American Bitcoin and Blockchain Conference on Saturday.
El Salvador, 1st country to legalise Bitcoin
It may be noted that El Salvador was the first Latin country in the world to legalize bitcoin as legal tender.
Conchagua volcano, a geothermal plant, “will power the whole city and will also power the mining.”
Bitcoin mining is the process by which new bitcoin is created using computers that solve complex mathematical problems — a process which demands huge amounts of energy.
Initially, the crypto-based city will be powered by Tecapa volcano. When a new government-sponsored geothermal plant powered by Conchagua gets ready, it will be dedicated to address needs of the city.
Bitcoin bonds coming next year
On lines of market bonds, the Latin American is also set to roll out $ 1 billion ‘Bitcoin Bonds’ next year, report said. The earnings from bonds will be used in funding the special project.
In the newly envisaged city, there will be zero income tax, zero capital gains, zero property tax, thereby emerging as a ‘model city’ that could be replicated across other continents.
The ambition and goals for the ‘Bitcoin City’ are extensive and wide-reaching but it is yet to take shape as the project is still in planning stage.
