El Salvador Plans to Build World’s First ‘Bitcoin City’

El Salvador is mulling to build the world’s first ‘Bitcoin City.’ Making an official announcement in this regard, President Nayib Bukele said that El Salvador’s ‘Bitcoin City’ plan will be funded initially by bitcoin bonds. doubling down on the country’s bet on the cryptocurrency.

It would get geothermal power from a volcano. Bitcoin City will not levy any taxes except for value-added tax (VAT). One-half of this VAT levied will be used to fund the bonds issued to build the city and the next half would be used to pay for services such as garbage collection.