El Salvador will build an oceanside Bitcoin City at the base of a volcano. The Bitcoin City would be circular with an airport, residential and commercial areas.
Taxfree
It will also feature a central plaza designed to look like a Bitcoin symbol in the aerial view. President Nayib Bukele said the city would get geothermal power from the volcano. No taxes will be levied except VAT in the city planned in the eastern region of La Union.
Make use of VAT
Half of the VAT levied would be used to fund the bonds issued to build the city and the other half would pay for services such as garbage collection, Bukele said.
In September, El Salvador had become the first country in the world to adopt Bitcoin as legal tender.
