Amid the atmosphere of a rock concert, Salvador’s President Nayyib Bukele announced that the government would build a Bitcoin City in the sea at the foot of the volcano.
Bukele used a Saturday night Bitcoin enthusiast gathering to present her latest ideas. It’s as if he had announced in a video message that El Salvador would be the first country to create a cryptocurrency legal bid, just as he had previously reported in a Bitcoin conference in Miami.
Additionally, Bukele said in his signature baseball cap that it would be fully bitcoin-capped in 2022. After 60 days of funding is ready, construction begins. The city will be built near the Konchagua Volcano to harness geothermal energy to power the city and Bitcoin mining.
The government has already launched a pilot project to produce Bitcoin at another geothermal power plant near Tekapo Volcano. Volcano Konchagua waterfront is located southeast of El Salvador in the Gulf of Fonseca. Specifically, their strategy was to yield land, infrastructure, and job to captivate stockholders. The government plans to collect taxes only on a value-added tax, on where half of it will be allotted in paying local bonds and infrastructure maintenance. Buckel said there would be no property, income, and local taxes, and the city would be carbon dioxide.
Bitcoin City: An Attraction for Investors
Building the city considers attracting foreign investment. There will be domestic areas, shopping centers, diners, and a harborage, Bukele said. The president talked about programmed education, technology, and maintainable public transport.
Invest here and earn all the money you want. Consequently, Bukele spoke in English to the delighted crowd at the closing ceremony of the Latin American Bitcoin and Blockchain Conference in El Salvador.
In fact, Bitcoin was originally to operate outside a state-controlled financial system. Bukele said this would help attract foreign investment in El Salvador and lower the cost of Salvadorans living abroad sending money home to their families.
The Government’s Decision
On September 7, Bitcoin became the reserve currency and the US dollar. Government Supports $150 Million Bitcoin Fund To encourage El Salvador people to use it, the government has offered a $30 loan to people using digital wallets. Moreover, critics warned that the currency’s opacity could increase criminal activity in the country and that sharp fluctuations in the value of digital currencies could pose a risk to those holding it.
Furthermore, concerns between the Salvador opposition and outside spectators boosted as Bukele took a way to consolidate power. Exactly 4,444 choosers put congress under the command of a presidential party; this happens before this time. The new lawmakers immediately replaced the Supreme Court’s Constitutional Court and Attorney General.
It left the Bukele’s Party in firm control over other parts of the government. Of course, the US government responded by declaring that it would shift aid from government agencies to civil society organizations. Bukele transferred an offer to congress this month that associations entering foreign finances must register as foreign agents.
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