El Salvador President Naib Bukele announced plans to launch Bitcoin City. The project aims to ensure the development of the cryptocurrency industry and other technological and social initiatives in the country.
This was announced by Nayib Bukele at the Bitcoin Week conference. Notable cryptocurrency companies will also participate in the development of Bitcoin City, including the Bitfinex exchange and the Blockstream technology company. El Salvador will invest $ 1 billion in bond sales to open Bitcoin City.
“In Bitcoin City, we will have digital and technological education, geothermal energy for the entire city, efficient and sustainable public transport,” Bukele said.
Bitfinex CTO Paolo Ardoino said the exchange will support El Salvador’s initiative and launch a bond holding platform. Blockstream Chief Security Officer Samson Mao said he sees no problem selling the $ 1 billion bond as there are many whales on Bitfinex.
According to Bukele, Bitcoin City will become a fully functioning city with residential areas, shopping malls, restaurants, a port and “all the necessary infrastructure centered around Bitcoin.”
At the same time, residents will be charged only value added tax (VAT), which, according to Bukele, will be used to pay for bonds, while the rest will be directed to the development of public infrastructure and maintenance of the city.
At the beginning of the month, Bukele announced that the profits made by the government from buying bitcoin will go towards building twenty schools. In addition, the President of El Salvador announced last month that the local airline, Volaris El Salvador, will accept Bitcoin for tickets.
