SANTA MARIA MIZATA, 21 Nov 2021:
President Nayib Bukele last night announced a Bitcoin city project in eastern El Salvador financially backed by Bitcoin bonds.
The Salvadoran president attended an investment summit in the Central American country to learn about the adoption of bitcoin as a legal tender on Sept 7.
Bukele announced the government’s “BitcoinCity” city project with zero taxes.
He said the city near the Conchagua volcano in the east of the country “will legally have a municipal mayor’s office and everything. Residences, shops, services, museums, bars, restaurants, airport.”
He said the planned city would get its energy from a volcano with an old geothermal plant. “Then there will be the new (volcano) near the city and this will give energy.”
El Salvador has a geothermal power plant for Bitcoin mining in the eastern municipality of Berlin.
“There will be zero property taxes, there will be no taxes on hiring and no municipal taxes (…) if they want to invest in El Salvador this is the opportunity to do so,” said the president.
El Salvador completed two months of legally adopting Bitcoin as its legal currency, along with the US dollar.
The country was the first to adopt Bitcoin and, despite the financial problems, it has to cover its annual budget.
It allocated more than US$200 million for the implementation.