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.
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