El Salvador continues to pique the interest of crypto enthusiasts. Apart from being the first country to adopt Bitcoin as a legal tender, El Salvador will also now be the first one to develop the world’s first Bitcoin City.
Shortly after the adoption, El Salvador revealed plans to establish a mining facility powered by one of the volcanoes in the country. President Nayib Bukele has once again astonished the crypto space as he now plans to build the first city in the world that will be funded by BTC and powered by the geothermal energy from one of the volcanoes.
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Plans Regarding the Bitcoin City
Bitcoin is the flagship crypto asset and is currently trading at $57,228 (at the time of writing). The crypto king has an undeniable value, despite the ups and downs seen for its price.
The flagship digital asset gained even more recognition when it was adopted as a legal tender by the Central American country.
Salvadoran President Nayib Bukele has now announced that he will be building an entire city funded by Bitcoin bonds. It will be the first ‘Bitcoin City’ in the world and will be powered by the geothermal energy from the volcano.
The President also revealed that the city will have an airport, common areas and a residential area. The plans for the city also include a central plaza that will be designed to exhibit BTC’s symbol from an aerial view. Bukele believes this will help boost fuel investment in the country.
According to reports, the estimated cost of the city is around $17.224 billion (roughly 300,000 BTC). The initial bonds are expected to be issued within 60 days in the next year.
The extensive plans of the city also include value-added tax without any additional tax. Half of the amount generated from this will be used to fund the Bitcoin bonds for building the Bitcoin City. The other half of the amount will fund facilities and services such as garbage collection in the city.
El Salvador’s plans to adopt Bitcoin as a legal tender has been surrounded by a lot of controversy from the beginning. However, President Nayib Bukele has had a positive stance despite the controversy and opposition.
As per reports, El Salvador is working on developing securities law that will make it easy to implement the processes required for building the Bitcoin City.
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