The first cryptocurrency city will appear in the world, where taxes will be canceled

El Salvador intends to issue bitcoin bonds in order to build the world’s first cryptocurrency city in the near future.

It is assumed that the city will be named Bitcoin City. This statement was made by the President of El Salvador Naib Bukele, reports Reuters.

The city is planned to be built in the eastern region of La Union.

“This is a completely eco-friendly city that works and receives energy from a volcano,” Bukele said.

It is assumed that it will receive geothermal energy from the volcano, and its residents will be exempt from all taxes except value added tax (VAT).

According to Bukele, El Salvador was planning to issue the first Bitcoin bonds in 2022.

Samson Moe, director of strategy for blockchain technology provider Blockstream, noted that the first 10-year volcanic bond issue will be worth $ 1 billion.

Bitcoin in El Salvador

El Salvador became the first country in the world to recognize Bitcoin as an official means of payment.

Since September 2021, residents of the country can pay with cryptocurrency, pay taxes in bitcoins and use it to pay off mortgages.

The authorities donated $ 30 in bitcoins to citizens for installing the official Chivo cryptocurrency wallet.

How the bitcoin rate has changed

► As of January 8, 2021, the cost of bitcoin exceeded $ 40 thousand.
► On February 22, 2021, the bitcoin price exceeded $ 58 thousand.
► On April 13, 2021, Bitcoin exceeded $ 62.7 thousand during trading, updating its historical maximum.
► On April 23, 2021, Bitcoin fell to a record low.
► On July 17, experts predicted that Bitcoin would cross the psychological mark.
► In August 2021, experts predicted that the bitcoin rate will rise to $ 100 thousand per coin.
► On October 7, 2021, the bitcoin rate exceeded $ 55,000 per coin.
► On October 18, 2021, the bitcoin rate exceeded $ 62,000 per coin.
► On October 20, 2021, the bitcoin rate broke a historical maximum.

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Source: Русская весна by

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