MIZATA, El Salvador ¨C El Salvador plans to build the world¡¯s first ¡°Bitcoin City,¡± funded initially by Bitcoin-backed bonds, President Nayib Bukele said on Saturday, doubling down on his bet to harness the cryptocurrency to fuel investment in the Central American country.
Speaking at an event closing a weeklong promotion of Bitcoin in El Salvador, Bukele said the city planned in the eastern region of La Union would get geothermal power from a volcano and not levy any taxes except for value added tax (VAT).
¡°Invest here and make all the money you want,¡± Bukele said in English, dressed all in white and wearing a reversed baseball cap, in the beach resort of Mizata. ¡°This is a fully ecological city that works and is energized by a volcano.¡±
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