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El Salvador's President announces construction of the world's first Bitcoin City

El Salvador's President announces construction of the world's first Bitcoin City

At the Bitcoin Week conference in El Salvador, Nayib Bukele, the country's President, unveiled future plans for the construction of Bitcoin City. 

The Bitfinex exchange and Blockstream are already poised to join the project while it will be financed by bitcoin bonds worth $1 billion.

Bukele said Bitcoin City would feature residential areas and commercial real estate, shopping centers, hotels, restaurants, and even an airport. The city will get all the necessary infrastructure with services. The boundaries of Bitcoin City will have a circular shape, while in the center, there will be a facility shaped like the logo of the oldest cryptocurrency. 

"Bitcoin City will become the hub of the most advanced digital education. It will generate geothermal energy and get green and efficient municipal transportation," said the President.

City residents won't face any particular tax burden.  They will only pay value-added tax (VAT) to the city budget. These funds will be used to finance the municipality, the maintenance, and the improvement of urban infrastructure.

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