The world's first bitcoin city will be built in El Salvador, know the special things related to it

Posted on 22nd Nov 2021 04:55 pm by rohit kumar

Central America-based country El Salvador is planning to build the world's first bitcoin city, which will initially be funded by bitcoin-backed bonds. El Salvador President Nayib Bukele said in a statement on Saturday that, “Bitcoin has doubled its investment in El Salvador to promote investment and use of cryptocurrency. Eastern Region of La Union This city to be built in the U.S. will get a new development dimension from bitcoin, and will not be taxed at all except value-added tax (VAT)." President Nayib Bukele was addressing the conclusion of a week-long Bitcoin promotion program in the country.

 

Apart from this, President Bukele also gave a statement saying, "Invest here and earn money as you wish. This place is completely dedicated to it." Half of the VAT levied on bitcoin will be used to fund bonds issued to build the city, and the remaining half will be paid for services such as tax collection and garbage collection. In addition, about 300,000 bitcoins will be spent on creating the public infrastructure.

 

This September, El Salvador also became the first country in the world to legally recognize bitcoin. Giving information about the structure of the city, the President said that the aerial view of the city would look like bitcoin. Apart from this, the airport will also be constructed in this city along with commercial and residential buildings. An initial bond issue involving bitcoin is planned in El Salvador in 2022.

Other news

Sambhal Violence: Will Rahul and Priyanka be able to reach Sambhal? Police deployed on the UP border

Leader of Opposition in Lok Sabha Rahul Gandhi will visit Sambhal along with Congress MPs from Ut

Singham 3 vs Bhool Bhulaiyaa 3: Bhool Bhulaiyaa 3 won the first battle, the trailer was viewed so many crores times in 24 hours

Horror-comedy film Bhool Bhulaiyaa 3 starring Kartik Aaryan, Vidya Balan, Tripti Dimri, and Madhu

FIIB Delhi: FIIB Delhi has started the application for the PGDM program, see the complete process here

Fortune Institute of International Business (FIIB) Delhi has started the registration process for

First day of NRI conference: Union Minister Thakur said- Must go to bullion market, CM said- 56 should also go

The three-day Pravasi Bharatiya Sammelan began on Sunday in Indore. On the first day, Chief Minis

IND vs ENG: For the first time since 1993, Indian bowlers did this big feat, England's batting order was embarrassed in Lucknow

The magic of Indian bowlers was at its peak against England in the ICC World Cup 2023. While Jasp

India's 'Jaishankar formula' to stop Russia-Ukraine war: Peace talks in Turkey, but the strategy is being made in Delhi; India's bluntly - will not compromise on its interests

Peace talks are going on in Istanbul, Turkey to try to stop the war between Ukraine and Russia, b

Kieron Pollard and Naseem Shah had a fierce fight, and a video of what happened during the final match has gone viral.

A surprising incident unfolded during the ILT20 final played at the Dubai International Stadium,

GST Council Meeting: GST Council meeting on 28-29 June in Srinagar, a big survey on the unemployment rate

The GST Council, headed by Finance Minister Nirmala Sitharaman, will meet on June 28 and 29 in Sr

Dangerous level of pollution in Delhi-Kolkata, shocking figures surfaced

For the last several years, it has always been discussed that pollution is increasing continuousl

Big decision on Operation Bulldozer in Delhi: SC said - Prohibition on operation in Jahangirpuri continues, not in the whole country; hearing after two weeks

On Thursday, the Supreme Court has given a big decision on the action of the Municipal Corporatio