El Salvador continues to lead the Bitcoin (BTC) adoption drive as President Nayib Bukele announces the launch of Bitcoin City, which will be funded initially by $1 billion Bitcoin bonds.
The initiative was first announced by Bukele at El Salvador’s Bitcoin Week conference, which sought to celebrate Bitcoin’s mainstream adoption in the country and increase citizen participation.
Bukele says, “In #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport”
Further, he added, “[The platform] will soon be home to many local and foreign digital assets offerings developing new digital asset regulation for the country! El Salvador, Bitfinex, and Blockstream are making history together.”
The president envisions Bitcoin City to become a fully functional city with residential areas, shopping centers, restaurants, a port, “everything around Bitcoin.” Moreover, the residents be subject to only value-added tax (VAT), which according to Bukele will be used to pay the municipality’s bonds, and the rest for public infrastructure and city maintenance.
