El Salvador’s Bitcoin City, BTC Bonds Plans Met With Mixed Reaction
El Salvador’s government has announced plans to build a carbon-neutral, income tax-free, bitcoin (BTC)-themed city at the base of a volcano where will be mining the token using geothermal power. And its plans to use a new USD 500m bitcoin bond plan to fund the new project have been met with a mixture of positivity and scorn by the crypto community.
President Nayib Bukele claimed the new city would be circular in form to mimic the shape of a coin. The BBC reported that the city will be built “in the south-eastern region of La Unión,” where it could tap into the Conchagua volcano’s geothermal energy source.
Bukele asserted that it would be a tax-free haven of sorts, where the only tax levy would be a 10% VAT charge that would be used to pay for
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