Bukele took a new step by announcing last night that he will build “Bitcoin City” as part of the plan to turn his country into a global financial center.
“The city is going to have everything: residential and commercial areas, services, museums, entertainment, bars, restaurants, airport, port, train, everything, “said Bukele in English, during the closing of Labitconf, an annual forum that brings together the world’s Bitcoiners, in Mizata, a Pacific beach, the AFP news agency reported.
“With the mayor and everything,” he added.
Bukele said that Bitcoin City – whose construction term was not detailed – will be located in the Gulf of Fonsena, in the southeast of the country, in the coastal city of Conchagua, where the homonymous volcano is located, which will provide it with energy.
“We will take advantage of geothermal power generation for the city and bitcoin mining,” Bukele explained.
Bitcoin mining is the process by which new bitcoins are created using computers that solve complex mathematical problems, and whose operation requires a large amount of electrical energy.
Currently, that energy comes from a geothermal plant built in 1999 and fed by the Tecapa volcano, in the city of Berlin, 112 kilometers from San Salvador, the capital.
Bukele explained that initially the new city will receive energy through the geothermal plant of the Tecapa volcano, better known as the “old volcano”, while later the energy destined for the city and the bitcoin mine will come from the Conchagua volcano, called ” new volcano “, located near the new city.
“This is a completely ecological city, which is energized by a volcano,” he said.
On stage with Bukele, Samsom Mow, Strategic Director Blockstream, provider of blockchain technology where cryptocurrencies operate, announced the issuance of “bitcoin bonds” for 1,000 million dollars.
Of these, half will be invested in buying more bitcoins and the other half in the infrastructure of the new city.
Also, Bukele stressed that the only tax that the “Bitcoin City” will have is the value added tax (VAT), which will serve to maintain the city.
“We will have no income tax, forever. No income taxes, zero property taxes, no taxes on hiring, zero municipal taxes and zero carbon dioxide emissions,” he said.
Source From: Ambito
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