El Salvador continues its pro-bitcoin model by unveiling plans to build an entire city on the basis of the cryptocurrency, according to a report by CryptoPotato on Sunday.
- The small Central American is set to construct a Bitcoin City with the assistance of Blockstream and Bitfinex.
- Independently, the nation will purchase $500 million more of Bitcoin. Even the country faced backlash for making Bitcoin a legal tender, El Salvador’s authorities went ahead and legalized Bitcoin as of early September.
- The nation has been purchasing BTC using volcanos, also referred to as ‘price dips,’ and decided to use the eventual profits to construct schools and pet hospitals.
- During the week-long bitcoin conference, president Nayib Bukele announced the plans to construct a city solely focused on cryptocurrency.
- The City will be situated in the eastern region of La Union and obtain geothermal power from a volcano.
The president pledged it will produce zero emissions and will not impose any taxes except VAT. BTC USD down -1.79%