El Salvador will build the world’s first “bitcoin city”, powered by a volcano, with residential, commercial and airport areas, which will initially be financed by issuing bonds in the cryptocurrency market in 2022 – announced President Nayib Bukele on Saturday (20).
“What will ‘Bitcoin City’ include? It will be in the Gulf of Fonseca [Oceano Pacífico, sudeste]. And it will have everything: residential and commercial areas, services, museums, entertainment, bars, restaurants, airport, port, train, everything”, described Bukele, in English, at the closing of Labitconf, an annual forum that brings together “bitcoiners” of the world.
“With the mayor and everything else,” he added.
Since September 7, El Salvador is the first country to authorize bitcoin as a legal currency, alongside the dollar.
“Bitcoin City”, or “bitcoin city”, whose construction deadline was not informed, will be in the coastal city of Conchagua, where the homonymous volcano, which will supply the energy for the project, is located.
“We will harness geothermal power generation for the city and bitcoin mining,” said Bukele.
Bitcoin mining is the process by which new bitcoins are created. In it, computers are used that solve complex mathematical problems, whose operation requires a large amount of electrical energy.
Today, this energy comes from a geothermal power plant built in 1999 and fed by the volcano Tecapa, in the city of Berlin.
According to Bukele, the only tax that the “Bitcoin City” will have is the Value Added Tax (VAT), invested in its maintenance.
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