© Reuters FILE PHOTO: El Salvador’s President Nayib Bukele speaks during a ceremony to lay the first foundation stone of Chivo Vet, an El Salvador-funded animal hospital funded by bitcoin operations in Antiguo Cuscatlan, El Salvador. November
SAN salvador (Reuters) – El Salvador plans to build the world’s first “city” that will be funded initially by bitcoin bonds, President Naibbu Kele said on Saturday. Increase bets of Central American countries in crypto-currency.
Bukele said at a week-end celebration to promote bitcoin in El Salvador that the planned city in the east of the country will be powered by the volcano and will not collect any taxes except Value Added Tax (VAT).
“We will start funding in 2022, the bonds will be ready for use in 2022,” Bukele told the cheering crowd at the event.
Samson Mow, chief strategy officer at blockchain technology provider Blockstream, told Bukele that El Salvador will initially issue $1 billion in bitcoin-backed bonds to begin funding the planned city.
El Salvador in September became the first country in the world to legally use bitcoin as money. https://www.reuters.com/article/el-salvador-bitcoin-idTRNIKBN2G308Z
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