El Salvador Plans to Build Bitcoin City, Shows the Country’s Bullishness on the Coin

El Salvador to build Bitcoin City which is to be funded by Bitcoin. The country’s president Nayib Bukele in an announcement noted the city is to be located near Conchagua volcano in south eastern part of the country.

Just like any traditional city, the city will have residential and commercial areas, services, entertainment, restaurants and airport.

The construction of the city is expected to begin on 2022 and will not have taxation system other than value added tax.

Earlier in September, El Salvador became the first country in the world declare Bitcoin as a legal tender.

In a separate note, the country will raise about $1 billion via Bitcoin Bond which will be in partnership with Blockstream- a digital infrastructure company. The proceed will be used to buy Bitcoin representing half of the fund and the rest will be used for energy sector and to build a bitcoin mining infrastructure.