It is no longer news to anyone that the president of El Salvador, Nayib Bukele, is a believer in the potential of cybercurrencies and has just announced his intention to create the first city Bitcoin in that country.
According with Reuters, during an event, the President of El Salvador expressed his intention to build a city fueled by geothermal energy from a volcano and without taxes other than value added: “invest here and make all the money you want”, stated the enigmatic Bukele, describing that “this is a totally green town that works and is powered by a volcano".
According to the President's idea, the initial investment for the construction of this bitcoin city will also come from funds supported by cybercurrency, that is, half of the VAT raised in the city will be used to invest in the funds used to build the city and the other half will be used to ensure services such as garbage collection.
Bukele also stated that the city's public infrastructure will cost around 300 bitcoins, and the planned location of the city is in the area of the Gulf of Fonseca, between La Unión and Conchagua.
BUT: El Salvador adopts Bitcoin as official currency
Although he is a popular president in his country, the news reports that the troubled adoption of Bitcoin in the national monetary system and the passion for cybercurrencies has earned Bukele some criticism, as well as a few points in his reputation among citizens. For analysts,
Bitcoin City is being compared to cities built by Alexander the Great and is supposed to be circular in shape, with an airport, residential and commercial areas around a large central square built to look like a symbol of bitcoin when seen from the air.
Initial funds for this endeavor should be launched in 2022 and produce results in 60 days, according to Bukele's plans.
