SAN SALVADOR – El Salvador plans to construct a “Bitcoin City” near a volcano that will be funded by the cryptocurrency, the country’s President Nayib Bukele announced.
The city will have residential and commercial areas, services, entertainment, restaurants and an airport and will be built near Conchagua volcano in south eastern El Salvador, CNBC reported.
Construction will begin in 2022 and the city will have no taxes except from value added tax (VAT).
In June, El Salvador passed a law making it the first country in the world to accept bitcoin as legal tender. But not all of its population is on board with the move.
In September, thousands of people took the streets to protest against the law, fearing the introduction of the cryptocurrency could lead to instability in the central American nation.
