El Salvador is planning to build the world's first bitcoin city, initially slated to be funded through bitcoin bonds, as a practical move that increases the country's bet on the cryptocurrency.
Speaking at an event marking the end of a week to promote Bitcoin in El Salvador, El Salvador's President Nejib Bukila said the planned city in the east of the country would get its energy supply from Berkane. No taxes will be charged except for value added tax.
We will start financing in 2022, and the bonds will be available in 2022, Boukela told a crowd at the event.
Speaking next to a proxy, the chief strategist at blockchain technology provider Blockstream Samson Mao said El Salvador will initially issue a billion-dollar bond backed by bitcoin to begin Raise money for the planned city.
In September, El Salvador became the first country in the world to adopt Bitcoin as a legal currency.
