El Salvador officially became the first country in the world to list Bitcoin as legal tender since September this year. The President of El Salvador announced recently that he plans to build the world’s first “Bitcoin City” in the country, with an estimated cost of about 138 billion Hong Kong dollars.
After El Salvador in Central America listed Bitcoin as legal tender earlier, President Nayib Bukele announced last week that the world’s first “Bitcoin City” will be built in the province of La Union, with the appearance of a coin. The design of “Bitcoin City” includes various infrastructure such as residential buildings, commercial districts, restaurants, etc., which is no different from ordinary cities. La Union Province is close to the Conchagua volcano, so it will provide Bitcoin mining energy through geothermal energy.
Blockchain technology provider Blockstream strategist Miao Yongquan stated that “Bitcoin City” will begin financing and issuing Bitcoin bonds in 2022, valued at US$1 billion, with a yield of 6.5%, and half of the raised funds will be used to buy Bitcoin. Currency, the remaining half will be used for initial infrastructure costs.
El Salvador’s President Nayib Bukele also pointed out that “Bitcoin City” will only charge a 10% value-added tax, and will not charge other taxes such as property tax and capital gains tax. It is planned to use half of the tax to fund Bitcoin bonds and the other half for service fees. He predicts that the entire “Bitcoin City” infrastructure will cost 300,000 bitcoins, or about 138 billion Hong Kong dollars, but the construction and completion date has not been announced.
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