El Salvador announces the creation of Bitcoin City, the first city completely dedicated to cryptocurrencies

El Salvador is the first country to accept Bitcoin as legal tender and is now planning to build an entire city based on cryptocurrencies.

El Salvador’s President Nayib Bukele has revealed plans to build a «Bitcoin City» along the Gulf of Fonseca, between La Union and Conchagua. Speaking at an event dedicated to bitcoin in the coastal city of Mizata, Bukele said that the city will offer residential neighborhoods, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, railway, «all dedicated to bitcoin.»

Bitcoin City will, of course, have a round coin-like shape and will be placed at the base of the Conchagua volcano to use geothermal energy to power the city and Bitcoin mining operations. The central point of the metropolis should be a square, where as a rule in other cities there are monuments to famous historical figures or fountains. Here will be the symbol of the cryptocurrency.

“El Salvador wants to be the friendliest country for cryptocurrencies. Following the introduction of bitcoin as its official currency, the country’s president announces the creation of a Bitcoin City that will be entirely dedicated to cryptocurrency, and residents will be tax-exempt except VAT.»

Importantly, the city will not require residents to pay income taxes, property taxes, capital gains taxes, or payroll taxes, just VAT. Bukele said that the proceeds from the tax will be used to build the city and keep the streets clean and tidy. It is not known when the new city will actually be seen, but the president gave an estimated cost of around 30,000 bitcoins, which at the current price of BTC exceeds $175 billion.

Although Bukele is a popular president, polls show that Salvadorans are skeptical of his love for bitcoin. The problematic implementation of cryptocurrencies as a means of payment in the country has even sparked protests against the government.

Comparing his plan to the cities founded by Alexander the Great, Bukele said that Bitcoin City would be circular, with an airport, residential and commercial areas, and a central plaza designed to look like a bitcoin symbol from the air. “If you want Bitcoin to spread all over the world, we should build some Alexandria,” said Bukele, a 40-year-old tech expert who jokingly declared himself a “dictator” on Twitter in September.

El Salvador has already started mining BTC using clean, emission-free geothermal energy, which is another part of the plan to become the most crypto-friendly country in the world.


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