El Salvador’s crypto-loving President Nayib Bukele is once again driving the growth of the local industry as he unveiled a proposal to build a volcano-powered Bitcoin City, where citizens won’t be required to pay income and property taxes.
As per reports from Bein Crypto, the project will be powered by Geothermal Energy and partially funded by the state through a $1 billion government-issued bitcoin bond.
President Bukele plans to start the process early next year by selling 10-year bonds. Citizenship will be granted to non-citizens who desire to participate in the system. The bonds will be frozen for a five-year period.
Mainstream crypto exchange Bitfinex has been selected by El Salvador’s government to coordinate the bond. As part of the Bitcoin City initiative, $500 million will be spent on developing infrastructure to power bitcoin In La Union, El Salvador, through geothermal energy.
El Salvador holds more than 1,000 bitcoins as at the time of drafting this article.