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HomeLifestyleEntertainmentControversial El Salvadoran Politician Envisions Utopian Tax Haven ‘Bitcoin City’

Controversial El Salvadoran Politician Envisions Utopian Tax Haven ‘Bitcoin City’

How do you construct a town within the form of one thing that’s inherently shapeless? The federal government of El Salvador is doing precisely that. The Central American nation plans to construct a “Bitcoin Town” within the form of a Bitcoin image on the base of an oceanside volcano, President Nayib Bukele introduced all through the Latin American Bitcoin and Blockchain Convention in San Salvador on Saturday.
The brand new town shall be funded fully by way of Bitcoin bonds, Bukele mentioned, including that development will start 60 days after financing is able, which is anticipated someday in 2022. The primary 10-year factor, referred to as the “volcano bond,” can be value $1 billion, sporting a discount fee of 6.5 %, mentioned Samson Mow, leader technique officer of blockchain era supplier Blockstream, on the identical match along Bukele.

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