El Salvador in September, bitcoinIt was the first country to adopt the national currency. President Nayib Bukele, in a recent statement, said that he plans to build the “Bitcoin City” by breaking new ground again.
In a presentation during Bitcoin Week in El Salvador on Saturday night, Bukele said that El Salvador is the only country where Bitcoin is a legal currency. cryptocurrency He said he would build a city based on the unit.
The “Bitcoin City” will be located near a volcano along Fonseca Bay. Bukele said the government plans to place a power station next to the volcano to provide energy for both the city and Bitcoin mining.
According to Bukele, Bitcoin City will be a full-fledged metropolis with residential and commercial spaces, restaurants, airport, port and rail service. The city will be located in a circle (like a coin) and will have a central plaza designed to look like a Bitcoin symbol from the air.
Bukele also said that El Salvador plans to issue $1 billion worth of “Bitcoin bonds,” a tokenized financial instrument developed by Blockstream on the Liquid Network. Half of this amount will be used to help build the necessary energy and Bitcoin mining infrastructure, and the other half will be used to buy more Bitcoins.
Blockstream said in a statement that El Salvador plans to establish a securities law and issue a license to Bitfinex Securities to process the issue.
Finally, Bukele suggested that El Salvador plans to issue the first bonds in 2022, within 60 days.