El Salvador plans first ‘Bitcoin City’, backed by bitcoin bonds

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Reuters

By Nelson Renteria MIZATA, El Salvador (Reuters) -El Salvador plans to build the world’s first “Bitcoin City”, funded initially by bitcoin-backed bonds, President Nayib Bukele said on Saturday, doubling down on his bet to harness the crypto currency to fuel investment in the Central American country. Speaking at an event closing a week-long promotion of bitcoin in El Salvador, Bukele said the city planned in the eastern region of La Union would get geothermal power from a volcano and not levy any taxes except for value added tax (VAT). “Invest here and make all the money you want,” Bukele said…

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