El Salvador, the only country in the world that accepts Bitcoin as its legal currency, has purchased nearly a thousand Bitcoins to date. The country has also established a Bitcoin mining facility with the geothermal energy of a volcano. He also announced that he will spend the revenues from Bitcoin on projects such as new schools and hospitals .
El Salvador came to us this time with a brand new and larger project. At the Bitcoin Week event held on Saturday, El Salvador President Nayib Bukele announced that they will build a new city based on Bitcoin . Named as “ Bitcoin City ”, this city will be established near another volcano on the coast of Fonseca Bay, where it will mine Bitcoin with geothermal energy.
No tax, zero emission city:
Bitcoin mining with geothermal energy in the volcano and all electricity of the city will be met from the volcano, Nor will there be a representative city of a few streets. In his statement, Bukele announced that they aimed to make the city a full metropolis with services such as conduit, commercial areas, restaurants, airport, port and railway . The city, which will be in the shape of a circle, will feature a plaza at its center that houses a huge Bitcoin symbol.
The only thing that distinguishes the city from other world cities will not be that it is a Bitcoin city. Taxes such as income, property, capital gains or payroll tax from people living in this city will not be included . In addition, the city will emit 0% carbon dioxide .
El Salvador boosts Bitcoin investments:
During the event, Bukele announced that alongside the city project , a tokenized financial instrument developed by Blockstream on Liquid Network, 1 billion Announced that they are planning to issue “Bitcoin bonds” worth US dollars. The President announced that half of a billion dollars will be used to establish the Bitcoin mining infrastructure, and the remaining half will be used to buy Bitcoin . When we calculate it over 57,700, the instant value of Bitcoin, this shows that El Salvador will receive more than 8 thousand new Bitcoins .