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El Salvador plans 'Bitcoin City'

Reuters Videos

Gearing up for something out of this world...

El Salvador's President Nayib Bukele took to the stage over the weekend to announce plans to build the first-ever Bitcoin City.

"It is going to be right there in the Fonseca Gulf, and it is going to include everything: residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail, everything devoted to bitcoin."

His aim: to build a circular city at the base of the Conchagua volcano in the country's eastern region of La Union, where the volcano's geothermal energy would power Bitcoin mining.

"Because this it's a fully, fully ecological city that works and it's energized by a volcano. That is just right in the site of the city, so let's make our city everybody."

The plan will initially be funded by Bitcoin-backed bonds, with the first to be issued early next year.

And Bukele said no taxes other than VAT would be levied.

It's a doubling down on the President's commitment to Bitcoin, after El Salvador became the first country in the world to adopt the cryptocurrency as legal tender in September.

But not everyone is a fan, many Salvadorans remain skeptical and Bitcoin's bumpy introduction has already fueled anti-government protests.

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