SAN SALVADOR, Nov 20 (Reuters) – El Salvador plans to construct the world’s first “Bitcoin Metropolis” which will probably be funded initially by bitcoin bonds, President Nayib Bukele mentioned on Saturday, doubling down on the Central American nation’s guess on the crypto forex.
Talking at an occasion to mark the shut of every week to advertise bitcoin in El Salvador, Bukele mentioned the town deliberate within the east of the nation would get its vitality provide from a volcano and wouldn’t levy any taxes apart from worth added tax (VAT).
“We’ll begin funding in 2022, the bonds will probably be obtainable in 2022,” Bukele instructed a cheering crowd on the occasion.
Talking alongside Bukele, Samson Mow, chief technique officer of blockchain know-how supplier Blockstream, mentioned El Salvador would initially difficulty a $1 billion bond backed by bitcoin to start elevating funds for the deliberate metropolis.
El Salvador in September grew to become the primary nation on the planet to undertake bitcoin as legal tender.
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Reporting by Nelson Renteria; Modifying by Christopher Cushing
Our Requirements: The Thomson Reuters Trust Principles.