The world’s first “Bitcoin city” has been proposed after years of discussion over its application. Nayib Bukele, the President of El Salvador, who made Bitcoin an official currency earlier this year, has come up with a fresh concept.
On Saturday, Bukele spoke at a promotional event for Bitcoin and revealed his aspirations for the future. They propose to use geothermal electricity generated by a volcano in the eastern part of La Union to run the metropolis. For the city to be tax-free, it would only impose value-added tax (VAT).
Bitcoin-backed bonds would initially support the whole city, according to Bukele. As a result, half of the city’s VAT revenue will go toward the debts issued to create the city. According to Reuters, the remaining half of the tax revenue would be used to fund services like the rubbish collection. About 300,000 Bitcoins were projected to be spent on the city’s infrastructure.
This is a great place to invest and generate money, according to Bukele. Further, “This is a volcano-powered metropolis that operates and thrives,” he said.
Bukele also talked about his ideas for the future Bitcoin city’s architecture. It would be a circular metropolis, having a business and residential sector, according to him. It will also include a central plaza intended to look like a Bitcoin symbol when viewed from the air.
“If you want bitcoin to proliferate over the world, we need to create some Alexandrias,” said Bukele, equating his ambitions to Alexander the Great’s most famous historical city. Bukele stated that El Salvador will issue the city’s first bonds in another 60 days.
In September, El Salvador became the first country in the world to accept Bitcoin as legal tender. It’s possible that Bukele may continue to advocate for its usage, but opinion surveys reveal that the Salvadorans aren’t all that enthusiastic about bitcoin use in their nation. As a result, a number of protests were staged against the government when digital currency was first introduced.
