El Salvador to Allocate $ 500 Million to Build Bitcoin City with Only One Tax

The government of El Salvador continues to promote cryptocurrency in the country. Nayib Armando Bukele Ortez, President of El Salvador, has announced plans to build an entire city to be called Bitcoin City.

It will receive energy from a geothermal plant, which is installed on the volcano. The construction of the city will be allocated $ 500 million. The only tax for residents of Bitcoin City will be VAT. The President of El Salvador noted that the new city will become a full-fledged metropolis with airports, restaurants, business centers and residential areas.

The state plans to allocate another $ 500 million for the purchase of cryptocurrency to fill the Bitcoin City budget. The authorities also intend to issue tokenized bonds with a 10-year maturity, the yield of which will be 6.5%.

A source: Reuters