It is no longer news to anyone that the president of El Salvador, Nayib Bukele, is a believer in the potential of cybercurrencies and has now just announced his intention to create the first Bitcoin city in that country.
According to Reuters, during an event the President of El Salvador expressed his intention to build a city powered by geothermal energy from a volcano and without taxes other than value added: “invest here and make all the money you want”, said the enigmatic Bukele, describing that “this is a totally ecological city that functions and is powered by a volcano”.
According to the President’s idea, the initial investment for the construction of this Bitcoin City will also come from funds supported by cyber-currency, that is, half of the VAT raised in the city will be used to invest in the funds used to build the city and the other half will be used to ensure services, such as garbage collection.
Bukele also stated that the city’s public infrastructure will cost around 300,000 bitcoins, and the city’s planned location is in the Gulf of Fonseca area, between La Unión and Conchagua.
MORE: El Salvador adopts Bitcoin as official currency
Although he is a popular president in his country, news reports that the troubled adoption of Bitcoin in the national monetary system and the passion for cyber-currencies has been worth some criticism of Bukele, as well as having lowered some points in his reputation with the citizens. For analysts,
Bitcoin City is being compared to cities built by Alexander the Great and should be circular in shape, with an airport, residential and commercial areas around a large central square built to look like a bitcoin symbol when viewed from the air.
Initial funds for this endeavor are expected to launch in 2022 and produce results within 60 days, in line with Bukele’s plans.
