El Salvador plans to construct a “Bitcoin City” funded by the cryptocurrency, the country’s President Nayib Bukele announced. The city will have residential and commercial areas, services, entertainment, restaurants and an airport. The central plaza will be designed to look like a bitcoin symbol from the air. It will be built near Conchagua volcano in south eastern El Salvador. The public infrastructure would cost around 300,000 bitcoins .Construction will begin in 2022 and the city will have no taxes except from value added tax. The country, which previously announced the introduction of the cryptocurrency as legal tender, has also launched a bitcoin wallet to allow citizens to use the cryptocurrency. El Salvador said it plans to use geothermal energy from the volcano to power mining cryptocurrency. The government is already running a pilot Bitcoin mining venture at another geothermal power plant beside the Tecapa volcano. El Salvador plans to build the world’s first “Bitcoin City”, funded initially by bitcoin-backed bonds.
“Invest here and make all the money you want,” the President Nayib Bukele launched invitation. After a five year lock-up, El Salvador would start selling some of the bitcoin used to fund the bond to give investors an “additional coupon”. President Bukele is very optimistic. “This is going to make El Salvador the financial center of the world,” he said. However, in the country, this project determined protests against the government. Critics have warned that the currency’s lack of transparency could attract increased criminal activity to the country. Only the time could verify that plan and a such futuristic theory.