Latin American country El Salvador is about to break new ground... President Nayib Bukele announced that they will sell Bitcoin-based government bonds, with the expectation of $1 billion in revenue. Half of the $1 billion revenue will be spent on the establishment of the Bitcoin City. Income, real estate and municipal taxes will not be collected from the residents of the Bitcoin City to be established.
As it is known, El Salvador is the only country that accepts Bitcoin as a legal payment instrument. Meanwhile, another cryptocurrency move came from El Salvador. Announcing that they will sell 1 billion dollars of Bitcoin-based government bonds, President Nayib Bukele will build a Bitcoin City with 500 million dollars of the money coming from it.
The Bitcoin City will be designed in a round shape, with a large Bitcoin monument in the central square. Those who live in this city will also have some great advantages. According to Bukele's statement, citizens living in the city will not be subject to income tax, property tax, municipal tax and capital gains tax.
The city will be established near a volcano in Fonseca Bay. This volcano will be used for both general energy production and Bitcoin mining. Bitcoin City will produce zero emissions.
INVESTORS CAN BECOME CITIZEN
According to Samson Mow, chief strategy officer at blockchain technology company Blockstream, El Salvador plans to issue $1 billion in 10-year bonds through the transfer platform Liquid Network. Mow said that the collected bonds will be used for a Bitcoin mining that will run on geothermal energy.
Mow also stated that foreign investors will be granted permanent residency and the investors will be naturalized quickly. These plans would make El Salvador "the financial center of the world" and "Singapore of Latin America," Mow said.