El Salvador’s president Nayib Bukele announced his intentions for Bitcoin City. Bukele, the 40-year-old president of El Salvador, is once again banking on bitcoin to propel his country forward. His questionable idea is to construct a “Bitcoin City” powered by geothermal energy from a volcano that will help raise bitcoin’s profile and encourage its usage.
The new president of El Salvador, Nayib Bukele, announced on Saturday that the country’s so-called Bitcoin City would be built in La Union, a region in the eastern part of El Salvador. According to Reuters , the city will not charge any taxes other than a value-added tax (VAT), and it will feature a main plaza that will resemble a bitcoin symbol from above. Furthermore, Bitcoin City will be circular and include an airport as well as residential and commercial districts.
It will, of course, house bitcoin mining operations, which will be aided by the Conchagua Volcano and El Salvador’s government announced in a press release. Conchagua is made up of two overlapping stratovolcanoes that overlook the Gulf of Fonseca.
Bukele announced his intentions for Bitcoin City
“Invest here and make all the money you want,” Bukele said. “This is a fully ecological city that works and is energized by a volcano.”
Experts stated that in 2022, the country would launch $1 billion in “bitcoin bonds” to generate cash for Bitcoin City. The liquid network, a bitcoin sidechain network, and a nominal yield of 6.5% are among the details described at the conference.
According to Blockstream, which runs the liquid network, half of the funds will be used for city infrastructure and bitcoin mining in the region. The remaining $500 million will be invested in more bitcoin.
President of El Salvador shares a video showing their volcano-powered Bitcoin mining project
