El Salvador Going to Build Entire City Based on BTC, Bitcoin City

November 22, 2021

cryptographic money


The main country where bitcoin is a legitimate tender, El Salvador, will construct a whole city dependent on the biggest cryptographic money, President Nayib Bukele told a boisterous crowd in a Saturday night presentation at Bitcoin Week in El Salvador. At the cryptographic money’s new exchanging cost of about $59,000, that would bring the country’s treasury reserve to just under 2,000 bitcoins (BTC).


<h2> Bitcoin City to be Build Along the Gulf of Fonseca </h2>

Bitcoin City will be situated along the Gulf of Fonseca near a volcano. The government plans on finding a power plant by the volcano to give energy to both the city and bitcoin mining, the president said. 


As indicated by Bukele, Bitcoin City will be an undeniable metropolis with residential and commercial areas, cafés, an airport just as a port and rail service. The city will be spread out in a circle, like a coin, and in the city place will be a plaza that will be host to a gigantic bitcoin symbol. The city will have no pay, property, capital increases, or payroll taxes. Bukele likewise stated El Salvador plans on giving $1 billion US bitcoin bond, a tokenized financial instrument created by Blockstream, on the Liquid Network. 


<h2> El Salvador Intends to Make Securities Law for Bitcoin Issuance </h2>

El Salvador plans to make a securities law and award a license to Bitfinex Securities to handle the issuance, Blockstream said in a delivery. 


Samson Mow, Blockstream’s chief strategy officer, let the crowd know that the $1 billion in tokenized bonds will be 10-year U.S. dollar named and pay 6.5% at first. Following a lock-up time of five years, El Salvador will begin to sell its digital money holdings and deliver an additional dividend to bond holders, Mow said.


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