El Salvador to Build Bitcoin City Powered by Volcano's Geothermal Energy

President Nayib Bukele announces plans to create a new cryptocurrency-focused city withaiming at foreign investment. I look at their president, and a lot becomes clear) Dude is cool!

Earlier, Bukele presented his idea that El Salvador would be the first country to make cryptocurrency legal.

The bond placement will take place in 2022 entirely in bitcoins. And 60 days after funding is ready, construction will begin.

The city will be built near the volcanoConchagua to harness geothermal energy to power both the city and the mining of bitcoin, an energy-intensive 24/7 sophisticated computing solution for verifying currency transactions.

The government is already launching a pilot bitcoin mining venture at another geothermal power plant near the Tekapa volcano.

The oceanfront Conchagua volcano is located in the southeast of El Salvador in the Gulf of Fonseca. The government will provide land and infrastructure and will work to attract investors.

The only tax levied there will be the tax onadded value, which will also be used for municipal infrastructure and maintenance. Bukele said there would be no property taxes, income tax or municipal taxes.

The city will be built with attraction in mindforeign investment. There will be residential areas, shopping centers, restaurants and a port, Bukele said. The President talks about digital education, technology and public transport.

“Invest here and make so much money,as long as you like, ”Bukele told the jubilant crowd in English at the close of the Latin American Bitcoin and Blockchain Conference in El Salvador.

Critics warn currency opacitycould lead to an increase in criminal activity in the country and that sharp fluctuations in the value of the digital currency will pose a danger to those who hold it.

Bitcoin was originally created to work foroutside state-controlled financial systems, and Bakele said it will help attract foreign investment to El Salvador and allow El Salvadorans living abroad to send money home to their families cheaper.