El Salvador will build the world’s first “Bitcoin City”: use volcanic geothermal power to generate electricity and only charge value-added tax

On November 22, El Salvador’s President Nayib Bukele announced yesterday that the country plans to build the world’s first “Bitcoin City” to attract foreign investment. Bukele stated that “Bitcoin City” will use volcanic geothermal energy as energy and will not levy any taxes other than value-added tax. Earlier news, El Salvador issued the world’s first Bitcoin sovereign bond, half of which will be converted into Bitcoin, and the other half will be used for the construction of “Bitcoin City”. Bukele compares the “Bitcoin City” to the city created by Alexander the Great in the Kingdom of Macedonia. He said that his planned “Bitcoin City” will be circular, with airports, residential areas and commercial areas, and a central square that looks like a Bitcoin symbol from the sky. He also revealed that El Salvador plans to issue the world’s first Bitcoin sovereign bonds-“volcano bonds” in the near future. In September of this year, El Salvador officially used Bitcoin as the national legal tender alongside the U.S. dollar.