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SAN SALVADOR (Reuters) -El Salvador plans to construct the world’s first “Bitcoin Metropolis” which can be funded initially by bitcoin bonds, President Nayib Bukele stated on Saturday, doubling down on the Central American nation’s wager on the crypto foreign money.
Talking at an occasion to mark the shut of every week to advertise bitcoin in El Salvador, Bukele stated town deliberate within the east of the nation would get its power provide from a volcano and wouldn’t levy any taxes aside from worth added tax (VAT).
“We’ll begin funding in 2022, the bonds can be out there in 2022,” Bukele informed a cheering crowd on the occasion.
Talking alongside Bukele, Samson Mow, chief technique officer of blockchain expertise supplier Blockstream, stated El Salvador would initially problem a $1 billion bond backed by bitcoin to start elevating funds for the deliberate metropolis.
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