The world is set to experience what it feels like to live in a Bitcoin city in El Salvador. El Salvador has decided to build a Bitcoin city along the Gulf of Fonseca, located near the Conchagua volcano with one billion-dollar insurance of a Bitcoin bond. Since Bitcoin is the current most popular cryptocurrency in the highly volatile cryptocurrency market and a legal tender of El Salvador, it is completely legal to construct a cryptocurrency-based city to stay at.
El Salvador is determined to drive the country's economy with Bitcoin payments and transactions owing to its popularity across the world. The cryptocurrency-based city will be in a circular shape, representing Bitcoin with a plaza in the city center to host a huge Bitcoin symbol. The Bitcoin city is ready to reap the benefits of the geothermal energy from the nearby volcano to power cryptocurrency mining for the long run. The residents of Bitcoin city will not have to pay any kind of tax such as income, property, payroll, and many more. El Salvador will utilize this cryptocurrency-based city to attract more Foreign Direct Investment (FDI) in the nearby future.
It has also been announced that the Bitcoin city at El Salvador will have residential as well as commercial areas with malls, an airport, museums, bars, rail, port, restaurants, and many more attractive facilities. The cryptocurrency-based city will also provide complete access to digital education, technology, as well as sustainable public transportation with zero carbon dioxide emissions. The only tax to pay will be the Value Added Tax (VAT) out of which one-half will be used for funding the bonds for further construction as well as the other half to pay for municipality services, Bitcoin mining infrastructures, and so on.
There is the estimation that approximately 300,000 Bitcoins will be used for the public infrastructure cost. The Bitcoin city at El Salvador will be a fully ecological city with no pollution and the construction will start in 2022. The US$1 billion Bitcoin bond is in partnership with a digital assets infrastructure company known as Blockstream. It is also been announced that investors who are highly interesting in the Bitcoin City at El Salvador will receive an annual special dividend.
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