El Salvador's government is throwing even more of its weight behind Bitcoin. Coindesk and BBC News report President Nayib Bukele has unveiled plans to build a "Bitcoin City" near a volcano along the Gulf of Fonseca, between La Unión and Conchagua. The metropolis will have its own geothermal power plant to help support crypto mining, and there will be no capital gains, income, payroll or property taxes, just value added tax.
The city will be shaped like a coin. While it should include the full amenities you'd expect from a city, people in La Unión could travel to work in the new development.
Bukele didn't provide a timeline for the city's creation. However, he simultaneously unveiled a $1 billion US "Bitcoin bond" where half would be used to build energy and mining infrastructure, with the rest used to buy more of the digital currency. The strategy chief for bond develope