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The government of El Salvador is gaining weight behind Bitcoin. Coindesk and BBC News reports President Nayib Bukele is uncovered plans to build a “Bitcoin City” near a volcano near the Gulf of Fonseca, between La Unión and Conchagua. The city will have its own power plant to support crypto mines, and there will be no capital gains, revenue, fees or property taxes, additional taxes.
The city will be made as money. While it should include all you can expect from the city, the people of La Unión can go and work on the new development.
Bukela did not give the time for the city to be built. However, he immediately unveiled a $ 1 billion US “Bitcoin bond” where half will be used to build energy and mining infrastructure, with the rest working to buy more digital money. Blockstream bond manager Samson Mow said El Salvador would start selling cryptocurrencies after five years and would pay extra for those who own the bond. With an initial yield of 6.5 percent, this could represent a hurricane if all goes well.
The move is a major gamble for a company with a net worth of $ 24.6 billion by 2020. The Bukele government relies on Bitcoin to promote economic growth, independence and investment, but this also shows how money is on the rise. . It is also unknown at this time what he will do after leaving the post. It has a new cryptocurrency component, and it is not certain if there is enough support for the project to move forward.
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