El Salvador plans first 'Bitcoin Metropolis', backed by bitcoin bonds


SAN SALVADOR (Reuters) -El Salvador plans to construct the world’s first “Bitcoin Metropolis” which shall be funded initially by bitcoin bonds, President Nayib Bukele stated on Saturday, doubling down on the Central American nation’s guess on the crypto foreign money.
Talking at an occasion to mark the shut of every week to advertise bitcoin in El Salvador, Bukele stated the town deliberate within the east of the nation would get its power provide from a volcano and wouldn’t levy any taxes apart from worth added tax (VAT).
“We’ll begin funding in 2022, the bonds shall be accessible in 2022,” Bukele informed a cheering crowd on the occasion.
Talking alongside Bukele, Samson Mow, chief technique officer of blockchain know-how supplier Blockstream, stated El Salvador would initially concern a $1 billion bond backed by bitcoin to start elevating funds for the deliberate metropolis.

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