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El Salvador will be the site of the world's first bitcoin city; read more about it here.

El Salvador will be the site of the world's first bitcoin city; read more about it here.

El Salvador, a Central American country, will be home to the world's first bitcoin metropolis. The city's overhead view will resemble a bitcoin in look. El Salvador became the first country on this planet to legalize bitcoin in September.

El Salvador, a Central American country, plans to establish its world's 1st bitcoin metropolis, which would be funded initially using bitcoin-backed bonds. "Bitcoin has increased its investment in El Salvador to stimulate investment as well as usage of crypto money," stated President Nayib Bukele in a statement released on Saturday. Such metropolis, which will be created in La Union's eastern area, will see bitcoin provide a new dimension to growth and will be taxed just on VAT." Nayib Bukele, President In the country, there is a current bitcoin week. He was speaking at the campaign's end.

Besides that, President Bukele issued a statement in which he stated, "Put money here to earn as much money as you want. The location is entirely dedicated to it." The city will use half of the VAT collected on bitcoin to fund bonds issued to create the city, while the other half will be used to pay for the services like collection of taxes and rubbish collection. For furthermore, the public infrastructure will cost around 300,000 bitcoins to build.

El Salvador will become the first nation in the world to legalize cryptocurrency in September. The President suggested that an overhead picture of the city would appear similar to bitcoin when offering details about the town's architecture. Aside from all of this, the airport, as well as business and residential structures, will be built in this city. El Salvador plans to issue its first bitcoin-based bond in 2022.

Credit - Komal Sharma