El Salvador spends Bitcoin bond of $ 1 billion to finance Bitcoin City-
El Salvador spends Bitcoin bond of $ 1 billion to finance Bitcoin City-
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President Nayib Bukele from El Salvador announced yesterday to spend a "Bitcoin Bond" of $ 1 billion to build the world's first Bitcoin City. The city would not charge any taxes except the VAT and would be CO2-neutral because the majority of the energy comes from geothermal sources. Bukele also announced that El Salvador will work with block stream and use his liquid network to enter the above bond.
Bitcoin City in El Salvador announced
el Salvador and his President, nayib Bukele , have taken the next step to further integrate Bitcoin into the life of its citizens. Bukele announced yesterday at the final event of the LabitConf, a Bitcoin conference based in Latam, the construction of the world's first Bitcoin city, which would be financed by issuing a Bitcoin bond of $ 1 billion.
This city would be in the east of the country and supply its infrastructure with geothermal energy. The city would also have no taxes for its citizens. In addition, bukele specified :
Invest here and earn the money you want. This is a completely ecological city that works and is supplied with energy by a volcano.
The only tax levied in the city would be a VAT that is used to finance the construction of the city with bonds and to receive public infrastructure and services. Bukele gave an insight into the design of the Bitcoin City and showed a circular model that will have a central place with the Bitcoin symbol.
supported by Blockstream and Bitfinex
The edition of the bonds is managed by block stream, a company focused on Bitcoin services, whereby the tokenized bonds on its liquid blockchain, a fedied side cechain, is output. The $ 1 billion that the initiative is supposed to apply is divided into two parts. The first part is used to buy a Bitcoin allocation of $ 500 million, and the second part of $ 500 million is used to build a Bitcoin-specific mining and electricity infrastructure.
The tokenized bond will be available to a number of users around the world that have access to invest in small amounts of even $ 100 $ statements from blockstreams cso samson mow. Dividends are simply paid out of tools to the bond loafers that are provided on the liquid network.
The country must approve a new securities law and allow Bitfinex, which can be organized for this process, to organize bond emission. Bukele is easy, because his party New Ideas controls most of the legislative violence in the country. So this is only a formality in connection with the proposal of Bitcoin City.
What do you think of El Salvador's Bitcoin City proposal and the emission of bonds to finance? Tell us in the comment area below.
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