El Salvador plans to build the world's first "Bitcoin City", by raising funds from bitcoin bonds for $ 1 billion.
The city's development plan was unveiled by President Naib Bukele on November 20 at a Latin American conference on cryptocurrency and blockchain.
In his opinion, the new initiative will attract investment and make El Salvador the financial center of the world.
The city will be built in the shape of a circle, and in the center it is plannedProvide energy for urban infrastructure, commercial housing, airports, and transportIn order to attract investors, the business willexempt from all taxes except Value Added Tax (VAT).
"Invest freely in our bitcoin city and earn as much money as you want."
Half of the VAT collected will be used to redeem bonds issued for the construction of the city, and the other half will bebe used to pay for the city's utilities, Bukele said.
The bonds will be issued on Blockstream's Liquid Network protocol, of which $1 billion is planned to be used to create a mining hub.
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