World's first 'Bitcoin City' to be developed by El Salvador

El Salvador has announced that it is planning to build the world's first 'Bitcoin City' which will be backed initially by the Bitcoin bonds. President Nayib Bukele made a statement on this during the closing party of the “Bitcoin Week” held in El Salvador.

El Salvador is planning to build the world's first 'Bitcoin City' which will be funded initially by Bitcoin bonds. Credit: Reuters Photo

This step is touted as the world's biggest bitcoin experiment to have ever happened. Credit: Reuters Photo

Speaking at an event to mark the close of a week to promote bitcoin in El Salvador, President Nayib Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT). Credit: Reuters Photo

El Salvador would initially issue a $1 billion bond backed by Bitcoin to begin raising funds for the planned city. Credit: Reuters Photo

In September 2021, El Salvador became the first country in the world adopt Bitcoin as a legal tender. Credit: Reuters Photo

A DJ performs at the closing party of the “Bitcoin Week” where El Salvador's President Nayib Bukele announced the plan to build the first “Bitcoin City” in the world, in Teotepeque, El Salvador. Credit: Reuters Photo

El Salvador’s president Nayib Bukele addresses the gathering during the closing party of the “Bitcoin Week”, in Teotepeque, El Salvador. Credit: Reuters Photo

Fireworks explode at the arrival of El Salvador’s president Nayib Bukele to the closing party of the “Bitcoin Week”. Credit: Reuters Photo