El Salvador – the only one in the world where Bitcoin is legal – plans to issue “Bitcoin bonds” in the United States to raise $ 1 billion for the establishment of “Bitcoin City”. Thing and interest – it will have residential and commercial areas, restaurants, an airport, a seaport and a railway network – except for one interesting thing: the city will not be taxed of any kind – no income tax, no capital gains tax and no property tax.

$ 500 million of the billion will be allocated for the construction of currency mining infrastructure, while the other half will be used for its purchase. According to the current price of Bitcoin, $ 59,000 – this amount will buy El Salvador about 2,000 coins.

Avi Selma, CEO of the Israeli representative office of Hyposwiss – a Swiss bank that allows investors to realize investments and holdings in the crypto field – commented on El Salvador’s “Bitcoin City” program: Similar to many countries in the African continent, where the financial system has not reached every corner, but the media revolution of the 4G has allowed the establishment of virtual banks and many digital means of payment to grow. El Salvador is also moving in this direction when it adopted Bitcoin as a means of payment bypassing financial systems, which will facilitate the financial structure of the market and actually promote El Salvador’s financial market to the forefront of the international stage, bypassing many Western countries that do not make regulatory decisions. Of course, Israel could have led in the field, but at the moment it mainly chooses not to decide. “

The “City of Bitcoin” will be located along the Bay of Funska, near a volcano, where a power plant will also be built that will provide the enormous energy required for coin mining, as well as for the current lives of the residents. The city will be built in the shape of a circle – like a coin – and in the center will be a square that will display a huge statue of the Bitcoin symbol.

By Editor

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