Bukele: El Salvador to build 'Bitcoin City'

El Salvador President Nayib Bukele announced that his government will build an oceanside "Bitcoin City" at the base of a volcano. The city will be built near the Conchagua volcano to take advantage of geothermal energy production to power both the city and bitcoin mining.

The only tax collected there will be the value-added tax, half of which will be used to pay the municipal bonds and the rest for municipal infrastructure and maintenance. There would be no property, income or municipal taxes and the city would have zero carbon dioxide emissions.

To incentivize Salvadorans to use it, the government offered $30 worth of credit to those who use its digital wallet.