El Salvador is building a volcanic-powered ‘Bitcoin City’ without taxes

from Bloomberg:

El Salvador intends to issue the world’s first sovereign bitcoin bond and build a bitcoin city, which will be free of income, property and capital gains taxes, chief cane b watch He announced in the beach town of Mezata to a crowd of jubilant Bitcoin fans.

El Salvador plans to issue $1 billion in US dollar tokens 10 year bonds to pay 6.5% via Liquid Network, according to Samson Maw, chief strategy officer at Blockstream. Half of the so-called “volcanic bonds” funds will be converted into Bitcoin, and the other half will be used for infrastructure and Bitcoin mining. Powered by geothermal energyMao said, while sharing the stage with Bukele.

[…]

Bukele said that a Bitcoin City will be built near the Conchagua volcano that will provide energy for mining, adding that the issuance of Bitcoin bonds will begin in 2022. The only tax in Bitcoin City will be a 10% value-added tax to fund city construction and services, he said.

Funny, I don’t seem to remember that James Bond movie?

El Salvador Takes Its Next Steps Toward Crypto With Plans For Bitcoin Bonds And A Tax-Free, Volcanic-Powered Bitcoin City [Michael McDonald / Bloomberg]

picture: public domain via Pixabay

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