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El Salvador builds Bitcoin City

Though the Bitcoin was invented in 2009 by an unknown person or group of people using the name Satoshi Nakamoto but real boom and popularity started from 2020 onwards. A country from Central America having just 65 lakh population is going aggressively on digital currency. El Salvador is the first nation officially declared Bitcoin as legal tender in the world from September 07th onwards. It prompts other nations to rethink on digitalization. Now, the tiny nation is preparing to build Bitcoin city in the eastern region of La Union. President Nayib Bukele said that the city would get geothermal power from a volcano and promised to people no taxes except value added tax (VAT) in the country. He is betting more on bitcoin when others still in dilemma. It’s coincidental or not Costa Rica announced 13% tax on Bitcoin purchases and 13% tax on profits on similar day when El Salvador announced Bitcoin city.


How the Bitcoin city is build?

VAT is going to play major role in this regard. Half-of the VAT money would be used to fund the bonds issued for building the city and remaining half would pay for services such as garbage collection. There is a plan to issue initial bonds in 2022. The government has estimated the public infrastructure would cost around 300,000 bitcoins. Proposed Bitcoin city would have an airport, residential and commercial areas, and feature a central plaza designed to look like a bitcoin symbol from the air.


Volcanos using for Bitcoin mining

China has imposed many restrictions on mining of Bitcoin in it’s provinces. China is quoting climatic and environmental reasons for mining. There is strong concern over bitcoin mining that companies using Non-renewable energies for its mining which is not eco-friendly. El Salvador is going differently on mining of bitcoins. El Salvador has about 20 active volcanoes out of a total of 30. Geothermal energy from these can be a serious source to power mining infrastructure. The country is using natural energy from volcano for mining.

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