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El Salvador, the only country where Bitcoin is the official currency, has signed another crazy project. President Nayib Bukele announced that they will establish a Bitcoin City. There will be no taxes in this city and the city will be completely zero emissions.
El Salvador, the only country in the world that accepts Bitcoin as a legal currency, has purchased nearly a thousand Bitcoins to date. The country has also established a facility to mine Bitcoin with the geothermal energy of a volcano. He announced that he will spend the revenues from Bitcoin on projects such as new schools and hospitals.
This time, El Salvador came to us with a brand new and larger-scale 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 “Bitcoin City”, this city will be built near another volcano on the coast of Fonseca Bay, where it will mine Bitcoin with geothermal energy.
This project, where Bitcoin mining will be done with the geothermal energy in the volcano and all the electricity of the city will be met from the volcano, will not be a representative city consisting of a few streets. In his statement, Bukele explained that they aim to make the city a full metropolis with services such as residences, 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.
Being a Bitcoin city will not be the only thing that separates the city from other world cities. Taxes such as income, property, capital gains or payroll taxes from residents of this city will not be included. In addition, the city will emit 0% carbon dioxide.
During the event, Bukele announced that, alongside the city project, they are planning to issue US$1 billion worth of “Bitcoin bonds,” a tokenized financial instrument developed by Blockstream on Liquid Network. 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.