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Nayib, El Salvador's president, announced that his country will build the world's first Bitcoin city on the final day of a nearly week-long Bitcoin promotion event in San Salvador.

Ankit Awasthi

Ankit AwasthiBy Ankit Awasthi

Published on 24 Nov 2021 8:13 AM GMT

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New Delhi: Cryptocurrencies are widely regarded as the future of the internet and the metaverse, and now El Salvador, an American country, is preparing to become the world's first 'Bitcoin City.' El Salvador will be the first country in the world to do so. Bitcoin-backed bonds will be used to raise the necessary funds for the city. This has been stated by President Nayib Bukele of El Salvador in the recent past. In September of this year, El Salvador became the first country to recognize Bitcoin as legal tender, making it the first in the world.

Bitcoin Promotional Event

Nayib, El Salvador's president, announced that his country will build the world's first Bitcoin city on the final day of a nearly week-long Bitcoin promotion event in San Salvador. He stated that the city will be located in the eastern region of La Union and that it will receive its energy from a volcano's geothermal tower. People who live in this city will not be subject to income tax, but they will be subject to value-added tax (VAT only).

Invest in the city – President El Salvador

"Invest here and make money to meet your financial needs," Nayib explained. It is Naib's vision to establish this city entirely based on Bitcoin to create a completely ecological city that will be powered by volcanic energy and will be entirely based on Bitcoin. Bitcoin has become widely accepted as a cryptocurrency in the virtual world, and many online services now accept Bitcoin payments as a form of payment as well.

VAT is used to build the city

Half of the VAT collected from residents of Bitcoin City will be invested in funding bonds that will be used to build the city. The remaining half of the VAT will be used to meet other needs, such as maintaining the cleanliness of the city streets. Nayib estimates that it will cost approximately 3 lakh bitcoins to construct the city and public infrastructure.

El Salvador is protesting against Bitcoin

Even though the President of El Salvador intends to build the world's first Bitcoin city, and Bitcoin was first made legal tender in this country, there is still significant opposition to Bitcoin in this country, as evidenced by the following: Opinion polls reveal that not everyone is pleased with the President's enthusiasm for Bitcoin and that there is a significant number of people who are opposed to the government. It is possible that opposition to the construction of a city will arise.

Design of the Bitcoin City

The city in which Nayib intends to settle will be built in a circular shape, with everything from the airport to residential and commercial areas arranged around it. It is planned to have a central plaza in the middle of the city that will be designed in the shape of the Bitcoin symbol. "El Salvador's financial center for the world will be established in this city," he predicted. Following El Salvador, it is likely that other countries will accept the concept of a bitcoin-linked city.

Ankit Awasthi

Ankit Awasthi

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