Photo by New York Post
The Latin American Bitcoin and Blockchain Conference was packed with bitcoin enthusiasts to help trigger excitement for the new city. President Nayib Bukele used a similar event to announce that El Salvador would be the first country to adopt cryptocurrency as a legal tender during a conference in Miami.
At the event on Saturday, wearing his signature backward baseball cap, President Bukele also announced a bond offering in 2022 fully in bitcoin. Sixty days after the financing is designated, construction for the new city will begin.
El Salvador wants to take advantage of the geothermal energy near the volcano to power the city and bitcoin mining, which is why they wanted to build the city at the volcano’s base to begin with. Bitcoin mining is the extensive day and night process of solving intricate mathematical calculations to confirm currency transactions.
A pilot bitcoin mining practice is currently underway at a geothermal power plant near the Tecapa volcano to prepare for the new city. Bitcoin City will be located near the Conchagua volcano in southeastern El Salvador on the Gulf of Fonseca. Not to worry, the volcano has many steaming and smoking vents and shows no sign of erupting.
The government is currently working on infrastructure to intrigue investors to help bring the city to life. Bitcoin City will only collect value-added tax, and half of that will pay the municipal bonds alongside other municipal infrastructure and maintenance.
President Bukele mentioned zero property, income, or municipal taxes in Bitcoin City, and it will also have zero carbon dioxide emissions. And yes, people can actually live there. President Bukele said at the Saturday event that there would be residential areas, malls, restaurants, and a port.
He also touched on digital education, technology, and sustainable public transportation, closing the event by stating, “Invest here and earn all the money you want.”
President Bukele said his city would be similar to those of Alexander the Great, a circular location with an airport, residential and commercial areas, all centered around a plaza that will look like a bitcoin symbol from hundreds of meters above.
El Salvador’s government-funded the new city with $150 million US ($207 million), and to incentivize Salvadorans to begin their bitcoin ventures, the government is offering a credit worth $30 US to those using the digital wallet.
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