El Salvador is planning to create a Bitcoin (CCC:BTC-USD) City that would be fueled by crypto and designed to attract investors.
Let’s dive into that news below to see what exactly the country is planning.
- The Bitcoin City was announced by El Salvador President Nayib Bukele during an event with BTC investors.
- The country’s President says the goal is to develop a city near the Conchagua volcano.
- This would make it an oceanside city located in southeastern El Salvador.
- Setting the city near the volcano will allow it to rely on geothermal energy.
- That includes both running the city and powering Bitcoin miners.
- This would also have it producing net-zero carbon emissions.
- It’s worth noting that El Salvador is already testing using geothermal energy for Bitcoin mining at another location.
- Bukele plans to use Bitcoin bonds to fund the creation of the city.
- The current plan is for an offering sometime next year.
- 60 days after funding is secured, constriction is planned to begin on the Bitcoin City.
- The President is also promising the city will only be subjected to value-added tax.
- Half of these taxes will go toward the municipal bonds and the other half will go to infrastructure and maintenance.
- Something to highlight about this plan is El Salvador recognizing Bitcoin as legal tender.
- That happened in September as Bukele has been pushing for more citizens to adopt the cryptocurrency.
BTC is down slightly as of Monday morning but is up 216% over the last 12 months.
Investors looking for more crypto news will want to stick around.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.