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InvestmentsEl Salvador plans first 'Bitcoin City', backed by bitcoin bonds By Reuters

El Salvador plans first ‘Bitcoin City’, backed by bitcoin bonds By Reuters

© Reuters. FILE PHOTO: El Salvador’s President Nayib Bukele speaks throughout a ceremony to put the first stone of Chivo Vet, a veterinary hospital financed with the positive aspects El Salvador has obtained from its bitcoin operations, in Antiguo Cuscatlan, El Salvador November 1

SAN SALVADOR (Reuters) -El Salvador plans to construct the world’s first ” City” which will likely be funded initially by bitcoin bonds, President Nayib Bukele stated on Saturday, doubling down on the Central American nation’s wager on the crypto foreign money.

Speaking at an occasion to mark the shut of per week to advertise bitcoin in El Salvador, Bukele stated the town deliberate within the east of the nation would get its vitality provide from a volcano and wouldn’t levy any taxes aside from worth added tax (VAT).

“We’ll start funding in 2022, the bonds will be available in 2022,” Bukele advised a cheering crowd on the occasion.

Speaking alongside Bukele, Samson Mow, chief technique officer of blockchain expertise supplier Blockstream, stated 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 first nation on the planet to undertake bitcoin as authorized tender https://www.reuters.com/article/el-salvador-bitcoin-idTRNIKBN2G308Z.

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