El Salvador is planning to build the world’s first “Bitcoin City”, which will initially be financed by Bitcoin bonds, said President Nayib Bukele on Saturday, thereby doubling the Central American country’s bet on the cryptocurrency.
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At an event to mark the end of a week promoting Bitcoin in El Salvador, Bukele said the city planned in the east of the country will get its energy from a volcano and will not collect taxes other than VAT).
“We will start funding in 2022, the bonds will be available in 2022,” Bukele told an cheering crowd at the event.
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Speaking to Bukele, Samson Mow, chief strategy officer at blockchain technology provider Blockstream, said that El Salvador will first issue a Bitcoin-backed $ 1 billion bond to begin raising funds for the proposed city.
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El Salvador was the first country in the world to introduce Bitcoin as legal tender in September.
(Reporting by Nelson Renteria; Editing by Christopher Cushing)