After declaring that the bitcoin nation-state had purchased the dip, El Salvador’s President, Nayib Bukele, showed a model of Bitcoin City. There will be no income, property, payroll, or municipal taxes at the location, which will be near La Unión, a little Salvadoran city.
El Salvador’s president, Nayib Bukele reveals the design of a ‘crypto utopia’
After declaring that the bitcoin nation-state had purchased the dip, El Salvador’s president, Nayib Bukele, has revealed the blueprint for a “crypto utopia.” According to Bukele, the first photographs released depict a golden city with a Bitcoin centerpiece and the caption “Bitcoin City is coming together beautifully.”
Bukele then posted a new series of photos of four landmarks that will be placed throughout the city, one of which appears to be a massive bitcoin. “Bitcoin City will not be ideal,” Bukele continued. The colors chosen by the architect were mainly cosmetic, but the actual metropolis will be significantly more green and blue due to the enormous quantity of trees and the sea that surrounds it.
According to sources, Bitcoin City has no income, capital gains, property, payroll, or municipal taxes, and no CO2 emissions. According to reports, the area is near La Unión, a tiny Salvadoran city.
El Salvador’s congress received 20 bills in January that provided “legal clarity” for the nation-bitcoin state’s bond issuance to pay the city. The bond was first issued in November of last year to earn $1 billion, half of which would be used to purchase more bitcoin and the other half would be used to expand Bitcoin City’s infrastructure. The bitcoin bond will pay a 6.5 percent interest rate and grant investors accelerated citizenship.
According to Reuters, El Salvador Finance Minister Alejandro Zelaya stated in an interview with a local television station that they will submit approximately twenty suggestions to Congress that will provide legal clarity for their Bitcoin Bond offering.
These twenty bills, according to Zelaya, will “provide a legal structure and legal certainty to everyone who purchases the bitcoin bond.” Following President Nayib Bukele’s November announcement of Bitcoin Bonds, the government began working on building the legal framework to cover the issuance of Bitcoin-based securities, as well as market regulation.
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