El Salvador plans to build a ‘Bitcoin City’ | Daily Current Affairs 2021
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El Salvador plans to build a ‘Bitcoin City’

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El Salvador President Nayib Bukele has announced that his country plans to build a Bitcoin city located along the Gulf of Fonseca near a volcano.

Cryptocurrency Bitcoin will be used to fund the project.

El Salvador recently became the first country to use Bitcoin as a legal tender. In September, the Latin American country had introduced the virtual currency as a legal tender, alongside the US dollar.

The president said that no income taxes would be levied in the proposed Bitcoin city in El Salvador, only value added tax (VAT).

El Salvador’s “Bitcoin City” will be circular to represent the shape of a coin

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