It’s going to have mining – presumably for bitcoins – agriculture, culture, sports, no income tax, zero property tax, and will be built in the shape of a massive Bitcoin.
While this sounds like very fanciful dreaming, work on Bitcoin City will began soon, according to President Nayib Bukele of El Salvador.
President Bukele made this announcement during the closing of the recent “Feel the Bit 2021” event, which took place on Mizata beach in La Libertad.
“’Bitcoin City’ is not only an idea, it will also be a reality in El Salvador. It will have residential areas, shopping centres, restaurants, a port, everything around bitcoin, ”said the head of state in a press release.
He explained that there will be residential and commercial areas, services, entertainment, restaurants, airport, port, and trains, which will be part of this city that will be built near the Conchagua volcano to take advantage of the generation of geothermal energy for the city and the mining of bitcoin.
To make this possible, the El Salvadorian government will provide the land, public infrastructure and attract investors; in addition, access will be equal to everything.
“In ‘Bitcoin City’ we will have mining, agriculture, culture and sports. When we are no longer here, this will last and everyone will be able to see the city, “he said.
“We will have no income tax, forever. No income tax, zero property tax, no contract tax, zero city tax, and zero CO2 emissions. The only taxes that they will have in ‘Bitcoin City’ is VAT, half will be used to pay the municipality’s bonds and the rest for the public infrastructure and maintenance of the city,” he said.
According to the president, the construction of the city will begin in the 60 days after the financing. This will be in 2022 when the issuance of bonds for this purpose will begin, which will be entirely in the bitcoin ecosystem.
“We show that with bitcoin you can do many things,” said President Bukele. “Bitcóin is going to change the world, it is already changing it. It is a normal evolution, they cannot stop the evolution, it just happens.”
El Salvador is the first country in the world where bitcoin is legal tender since September 7. Through the state electronic wallet Chivo, millions of Salvadorans make purchases and sales of products and services with this cryptocurrency; Meanwhile, those living abroad send remittances without paying commissions.
