El Salvador President Nayyib Bukela is known as a cryptocurrency enthusiast. A few months ago, he was the first in the world to introduce Bitcoin as an official tender. His plans don’t end there because he recently announced the construction of an entire city inspired by cryptocurrency.
El Salvador will build a Bitcoin city
The new city will be built near the extinct volcano Conchagua in the Golfo de Fonseca, between La Union and Conchagua. This place is no coincidence, because the infrastructure (including cryptocurrency mines) will be powered by the volcano’s clean geothermal energy without emissions.
The plans are ambitious. The city should be built in a circular pattern, which corresponds to the Bitcoin coin. According to the presidential vision, the city will include residential areas, shopping and service centers, museums, entertainment venues, bars, restaurants and even an airport, port and train station – all urban planning should be based on cryptocurrency.
The economic model of the city should also be an interesting fact. Bukele says that residents of the city will not pay income tax, but will pay only VAT – half of the income will be used to build the city, and the rest – to maintain cleanliness and order in the streets.
Madness or a vision of the future?
Bukele did not disclose when the construction of Bitcoin City should begin and when it will be built. .. whether it will be built at all, because the idea is rather controversial. Enthusiasts see great potential in this, which can help stimulate the economy, lift the country out of crisis, and at the same time create a modern, friendly city of the future. On the other hand, Bitcoin has been criticized for the sharp fluctuations in the exchange rate. Some people think it is crazy to build an economy on it.
What do you think of Bitcoin City? Do you think a similar concept will work in our country?
Source: BBC, Twitter @ PresidenciaSV