Bitcoin city to be built near Conchagua Volcano
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The president of El Salvador(a country in Central America), Nayib Bukele announced that his government will build an oceanside “Bitcoin City” at the base of a volcano.
Bitcoin is a digital currency without a central bank or single administrator.
Nayib Bukele said that the Bitcoin city will be built near the Conchagua volcano. Colchagua volcano is situated in southeastern El Salvador over the Gulf of Fonseca. The new city will take advantage of geothermal energy to power both the city and Bitcoin mining.
What is geothermal energy?
Geothermal energy is a type of renewable energy taken from heat within the earth.
El Salvador Bitcoin City
The new city is circular in shape in order to look like the shape of a large coin. The president said that the only tax that applies in the city will be the value-added tax. Half of the value-added tax will be used for paying the municipal bonds while the remaining amount will be used for the maintenance of the city. It is also said that the city will have zero carbon dioxide emissions.
He said that the government will provide land and infrastructure and they will work in a way to attract the investors. There will be residential areas, malls, restaurants and a port in the new Bitcoin city.
In September, El Salvador introduced Bitcoin as an official currency. It means that the businesses will accept digital coins as payments.
However, bitcoin is said to be a controversial currency because its value can fluctuate (go up and down) suddenly. Its value has fallen and risen dramatically in the past year.
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