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Redirected from: El Salvador city

Definition: Bitcoin City

A future city in El Salvador that is based on Bitcoin and the Conchagua volcano, which will be a geo-thermal source of electricity to power the city and mine Bitcoin. Announced in November 2021, a $1 billion bond will be issued. Half the bond's proceeds will be used to purchase Bitcoin, and the other half will finance the construction of the circular city near the town of Conchagua by the Gulf of Fonseca. The central plaza will contain a huge Bitcoin symbol.

President Nayib Bukele Is a Crypto Evangelist
El Salvador's president made Bitcoin legal tender in the country in 2021 and is, quite obviously, very enthusiastic about the cryptocurrency. Bitcoin City wants to be the "Singapore of Latin America" and will be encouraging foreign investment. See Bitcoin and crypto glossary.

Only a VAT
President Bukele has stated that residents will pay no taxes other than a value-added tax (VAT) on purchases. (Image courtesy of Casa Presidencial, Presidencia de la Republica de El Salvador.)