What is the strategy behind El Salvador’s Bitcoin City

Bitcoin city is currently in trend after being announced by bitcoin enthusiast president Nayib Bukele. The president announced that country will come with a new plan which is bitcoin city. Now the main question will come that what will be the strategy behind El Salvador’s Bitcoin City. How it will get funded and what are interesting facts which are important to know. Before knowing the answers to all these questions, we need to know that where will bitcoin will come. We are all aware that bitcoin is one of the largest cryptocurrencies which is getting growth in the market day by day.

Where bitcoin city will come?

As by our topic, it is clear that bitcoin city is going to come up in southeastern El Salvador. At the base of the Colchagua Volcano, it will be situated near the Gulf of Fonseca. According to the resources, the construction will begin around 2022. Bukele also mentioned that after 60 days of financing, the project will be started so we can take an idea from that the process will be very quick. He also included that bitcoin city will consist of everything like commercial areas, residential areas, airports, museums, restaurants, bars, services, rail and port.

What are the plans for bitcoin city funding?

Bukele made it clear that there will be no other type of tax on the residents of bitcoin city. Only VAT will be charged for keeping the city clean and making infrastructure more advanced. The government will do all the work for public infrastructure and land so that investors will be attracted towards the city and it will benefit the whole community. According to further reports, Bukele mentioned that the total cost of public infrastructure will be around 300,000 bitcoins. The energy which is required for the city will be managed by geothermal energy from Conchagua Volcano.

Bitcoin Bond in El Salvador

Bitcoin bond was also introduced in the press conference. What is the strategy behind it? let’s know about it. Bitcoin bond will be issued by El Salvador for raising 1 Billion USD from which half will be used in the energy and infrastructure of bitcoin city. If we talk about the rest of the fund then it will be used for buying more bitcoins. To do this, the Bukele government is working with Blockstream which is a bitcoin service company.

Conclusion

Bukele has also made several announcements regarding bitcoin and investment. He made clear that he wants the people of El Salvadore can easily make money without any issues. Bitcoin city is going to become the pillar of financial strategy which can give the financial ability to the people and they can make money from the investment. Bukele has legally announced bitcoin so anyone can use it without any problem in El Salvadore. He also said that country will soon become the Singapore of Latin America and we all be financially strong in all over the world. For more updates about this latest news, we are working on the same. All things are already announced and planning is going so soon we will get to know about the starting date of the project. As soon as we are known of this, we will update you.

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Bitcoin city is currently in trend after being announced by bitcoin enthusiast president Nayib Bukele. The president announced that country will come with a new plan which is bitcoin city. Now the main question will come that what will be the strategy behind El Salvador’s Bitcoin City. How it will get funded and what are …

Why Crypto Market is Down?

Bitcoin city is currently in trend after being announced by bitcoin enthusiast president Nayib Bukele. The president announced that country will come with a new plan which is bitcoin city. Now the main question will come that what will be the strategy behind El Salvador’s Bitcoin City. How it will get funded and what are …