President of El Salvador unveils Bitcoin City model

What 

El Salvador President Nayib Bukele unveils the scale model for the “crypto utopia” that was announced at the Latin Bitcoin Conference in November last year.

Why 

The Bitcoin City is intended to boost El Salvador’s economy and job development, as well as attract foreign investors. 

What next 

President Bukele did not announce any dates for Bitcoin City’s construction or completion, but tweeted that the project was “coming along beautifully”. 

The story 

El Salvador President Nayib Bukele unveils the plans for Bitcoin City, the “crypto utopia” he revealed at the Latin Bitcoin Conference last year November. Bukele tweeted that the project was “coming along beautifully” and included scale models and an artist’s rendition depicting a large Bitcoin symbol at the heart of the Bitcoin City. 

Despite the golden scale models, Bukele assured the public that the city will be “mostly green”, and will also have no carbon dioxide emissions. The city will sit at the base of the Conchagua volcano, and its trading centre is to be powered by geothermal energy from the volcano.

The Bitcoin City aims to be a tax haven, free from income, property, and capital gains taxes. El Salvador is the first country to introduce Bitcoin as legal tender and Bukele is well-known for his pro-crypto views. Bitcoin City is intended to utilise blockchain technology to boost El Salvador’s economy and job development, as well as attract foreign investors. 

Commenting on Bitcoin City, the founder of Bitcoin Beach Michael Peterson said, “I think there’s a good chance the government saw just how much interest there was in El Salvador and all these different businesses that were here looking to invest”. And added, “I think it’s actually something that could come to fruition, and could actually have a big impact on the world.”

To learn more about Bitcoin, take a look at our Learning Resource.

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