At the Bitcoin Week event, El Salvador President Nayib Bukele spoke about plans for a city dedicated to digital currency. It will have a modern infrastructure and an almost complete absence of taxation for new residents.
The city is planned to be located on the coastal strip of the Fonseca Bay. This decision is not accidental, since a geothermal power plant will be built nearby at the foot of a volcanic vent. The energy facility will feed not only the city itself, but also crypto farms.
The project provides for the construction of business districts, an airport and a seaport. Districts with residential buildings will be distributed radially so that from a bird's eye view the "crypto city" resembles the symbol of the currency of the same name. All residents living in this place will pay only VAT, while they will be exempted from other tax payments.
The construction process will start two months after receiving funding. On this occasion, a bond issue will be held, which will begin next year. Earlier, El Salvador became the first state to recognize cryptocurrency as an official means of payment.
The city is planned to be located on the coastal strip of the Fonseca Bay. This decision is not accidental, since a geothermal power plant will be built nearby at the foot of a volcanic vent. The energy facility will feed not only the city itself, but also crypto farms.
The project provides for the construction of business districts, an airport and a seaport. Districts with residential buildings will be distributed radially so that from a bird's eye view the "crypto city" resembles the symbol of the currency of the same name. All residents living in this place will pay only VAT, while they will be exempted from other tax payments.
The construction process will start two months after receiving funding. On this occasion, a bond issue will be held, which will begin next year. Earlier, El Salvador became the first state to recognize cryptocurrency as an official means of payment.
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