Half of the money raised through VAT would be used to pay off the bonds issued to fund the city’s startup costs, while the other half would be used to fund public services, said Bukele, who said 300,000 Bitcoins will be needed to complete the city’s infrastructure.īuy A Food Basket For Those In Need Details of exactly what Bukele’s “Bitcoin city” entails are thin, but the leader hopes to attract foreign Bitcoin investment into the city.

This is a fully ecological city that works and is energized by a volcano.' Said Bukele: 'Invest here and make all the money you want. His appearance was heralded by some high-budget production and fireworks.īukele told the assembled crowd that Bitcoin City will rely on geothermal energy from nearby volcanoes, and it will be tax-free except for value-added tax (VAT). The initial costs for developing the so-called “Bitcoin City” will be funded at the outset by the issuance of Bitcoin-backed billion-dollar bonds in 2022.īitcoin maxi Bukele appeared in person to deliver his address at the close of a week-long Bitcoin conference in El Salvador. The city will be located in the eastern department La Unión, between the municipalities of La Unión and Conchagua. Nayib Bukele, the Bitcoin-friendly president of El Salvador, said at a Bitcoin investment summit on Saturday that his country plans to build the first “Bitcoin City”.

China volcano box