World's first Bitcoin city planned in El Salvador, to be backed by Bitcoin bonds and powered by a volcano
India Today
El Salvador is planning to come up with a city that will entirely be funded by Bitcoin-backed bonds. The city will be located in the eastern region of La Union and will be powered by energy sourced from a volcano.
After years of debate on its use, plans for the world's first "Bitcoin city" have now come up. The new ideation has been shared by none other than Nayib Bukele, the President of El Salvador, world's first country to make Bitcoin an official currency earlier this year.
Bukele shared his plans while speaking at a promotional event for Bitcoin on Saturday. As per him, the city has been planned in the eastern region of La Union and will be powered by geothermal energy from a volcano. With this, the city would not levy any taxes as well, except for value-added tax (VAT).
