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El Salvador Plans to Build World’s First ‘Bitcoin City’

Sumit Arora Published On November 23rd, 2021 Leave a comment

El Salvador President Nayib Bukele has announced that the country is planning to build the world’s first “Bitcoin City”. The new city is planned to be developed in the eastern region of La Union and will be initially funded by bitcoin-backed bonds. It would get geothermal power from a volcano. Bitcoin City will not levy any taxes except for value-added tax (VAT). One half of this VAT levied will be used to fund the bonds issued to build the city and the next half would be used to pay for services such as garbage collection.

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El Salvador Capital: San Salvador.

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About the Author

Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.