El Salvador announces construction of ``Bitcoin City'' to run the economy with Bitcoin
El Salvador adopted the virtual currency Bitcoin as legal tender on September 7, 2021, and began using it in conjunction with the US dollar, but President Najib Bukele announced on November 20, ``A coin based on Bitcoin. ``We will build a city of the same type.''
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President Bukele announced that he would build a circular city shaped like a coin near a volcano along the Gulf of Fonseca in El Salvador. The city is a full-fledged metropolis with residential and commercial facilities, an airport and rail services, and all economic activity is conducted in Bitcoin. Furthermore, no taxes other than value added tax (VAT) are levied within this city. A geothermal power plant will also be built near the volcano and will be used for Bitcoin mining and to power the city.
Bukele also announced that he would issue $1 billion (approximately 114 billion yen) in 'Bitcoin bonds' in preparation for the city's construction. Half of this will be used for Bitcoin mining and urban energy construction, and the other half will be used to purchase even more Bitcoin.
This city construction will be carried out in collaboration with
Mr. Mo predicts that the price of Bitcoin will reach $1 million within five years (the price at the time of article creation was approximately $58,000). By stopping the circulation of Bitcoin, the price of Bitcoin will rise.''El Salvador will become the Singapore of Latin America.''
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