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El Salvador to build Bitcoin City; here're details

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The city planned in the eastern region of La Union reportedly would get geothermal power from a volcano and not levy any taxes except value-added tax (VAT).

El Salvador to build Bitcoin City; here're details
El Salvador President Nayib Bukele has announced that his government will build an oceanside Bitcoin City at the base of a volcano.
El Salvador became the first country in the world to adopt Bitcoin as legal tender in September this year.
According to an Aljazeera report, likening his plan to cities founded by Alexander the Great, the country's President Nayib Bukele said Bitcoin City would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a Bitcoin symbol from the air.
Bukele reportedly said that the city planned in the eastern region of La Union would get geothermal power from a volcano and not levy any taxes except value-added tax (VAT).
Half of the VAT levied would be used to fund the bonds issued to build the city, and the other half would pay for services such as garbage collection, Bukele said.
Estimating the public infrastructure would cost nearly 300,000 Bitcoins ($17.7bn), the report said.
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Bukele, who pushed for adopting the cryptocurrency, had said it will help Salvadorans save nearly $400 million spent annually on commissions for remittances.
After the bitcoin law was approved, rating agency Moody's downgraded El Salvador's creditworthiness, while the country's dollar-denominated bonds have also come under pressure.
The cryptocurrency has been notoriously volatile this year, rising to more than $64,000 in April and falling as low as $30,000 in July.
-With agency inputs
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