In the year 2022 will start in El Salvador construction of “Bitcoin City” Announces President Nayib Bukele

Bitcoin City El Salvador

President Nayib Bukele Announces Construction of “Bitcoin City” at the Close of Bitcoin Week “Feel The Bit”

President Nayib Bukele Announces Construction of “Bitcoin City” at the Close of Bitcoin Week “Feel The Bit” (Photo:Courtesy SEPRES)

Editorial Dept. Voz de la Diaspora

President Nayib Bukele announced the construction of "Bitcóin City", during his participation in the closing of the Bitcóin event "Feel The Bit 2021", that took place in Mizata beach in La Libertad.

"‘ Bitcoin City ’is not just an idea, it will also be a reality in El Salvador. It will have residential areas, malls, restaurants, a port, of everything around bitcoin ", assured the president.

In "Bitcoin City" there will be residential and commercial areas, services, entertainment, restaurants, airport, port and train, that will be part of this city that will be built near the Conchagua volcano to take advantage of the generation of energy for the city and the mining of bitcoin. For this to be possible, the government will give the land, public infrastructure and attract investors; also, access will be equal to everything.

"We will not have income tax, forever. No income tax, zero property taxes, no taxes on hiring, zero municipal taxes and zero CO2 emissions. The only taxes that they will have in ‘Bitcoin City’ is VAT, half will be used to pay the municipality's bonds and the rest for public infrastructure and city maintenance ", large.

According to the president, in the 60 days after financing the construction of the city will begin. Will be on 2022 When will the issuance of bonds for this purpose begin, which will be totally in the bitcoin ecosystem.

President Bukele participated in the week-long closing event in which investors, experts in the world of cryptocurrencies, among others, they were part of the "Bitcoin Week", a time to share experiences and learn about the implementation of the Bitcóin Law in the country and in which the Latin American Bitcoin was also carried out & Blockchain Conference (LABITCONF).

El Salvador is the first country in the world where bitcoin has been legal tender since 7 of September. Through the state electronic wallet Chivo, millions of Salvadorans make purchases and sales of products and services with this cryptocurrency; Nonetheless, those living abroad send remittances without paying commissions.