HomeNewsInternationalEl Salvador Plans World's First Bitcoin City

El Salvador Plans World’s First Bitcoin City

El Salvador Plans World’s First Bitcoin City

El Salvador has made a plan to build the world’s first “Bitcoin City”. initially, it will be funded by bitcoin-backed bonds and will be developed in the eastern region of La Union.

  • It will not levy any taxes except for value added tax (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, and it has been estimated the public infrastructure would cost around 300,000 bitcoins.
  • In September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender. 

.

★★★★  You Can Also Read  ★★★★

Computer Awareness Quiz Questions Set (Banking)
Read Daily Current Affairs Topic Wise
Daily Current Affairs Quiz (Current GK Test)
Static Gk Quiz Questions and Answers

📣 Prepare Exams is now on Facebook, Twitter, Instagram, YouTube Channel, and Google News to get all the latest News first Like, Follow and bookmark our website @ PrepareExams.com.

For all the latest Updates, download PrepareExams App.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Latest Articles