• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin city
Nexo Logo

El Salvador Announces World’s First Bitcoin City, Backed By $1B Bitcoin Bonds

Tolu Okuwoga by Tolu Okuwoga
6 months ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. This move has witnessed many developments, as well as some pushback. Amid protests, technical glitches, and inevitable market volatility, El Salvador continues to drive BTC adoption.

Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President

In its latest Bitcoin adoption move, the Central American country plans to build a city based on the world’s largest cryptocurrency. President Nayib Bukele announced the Bitcoin City initiative at El Salvador’s Bitcoin Week conference on Saturday night. This conference is a celebration of Bitcoin’s mainstream adoption in the country.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In partnership with crypto firms Blockstream and BitFinex, Bukele plans to issue $1 billion in tokenized USD-denominated 10-year bonds to fund this project.

The Proposed Bitcoin City

Paolo Ardoino, Bitfinex CTO, says the exchange will support the initiative by launching a securities platform to hold the bonds.

Finex will launch a securities platform that will be the home of ES #bitcoin bonds and soon many local and foreign digital assets offerings developing new digital asset regulation for the country!
El Salvador, @bitfinex and @blockstream are making history together.

— Paolo Ardoino (@paoloardoino) November 21, 2021

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Blockstream Chief Security Officer Samson Mow also clarified the feasibility of sourcing the $1 billion Bitcoin bonds.
“With Bitfinex, they have a lot of whales. I don’t see a problem filling up a $1 billion bond.”

In an announcement by Blockstream, Mow also said that the $1 billion will be split into two parts. $500 million will go towards building energy and Bitcoin mining infrastructure in the region. The other $500 million worth of BTC will be locked up for five years. Mow further stated that after the five-year lock-up period, El Salvador would start selling some of the bitcoin used to fund the bond to give investors an “additional coupon,”
“This is going to make El Salvador the financial center of the world,” he said.

BTCUSD chart on TradingView.com

BTC trading at $58.866K | Source: BTCUSD on TradingView.com

The Salvadoran president additionally said that the bonds will be available in 2022. He plans on locating the proposed Bitcoin City near a volcano. The idea, he said, is to provide energy for both the city and bitcoin mining.

According to Bukele, Bitcoin City will be a full-fledged metropolis with residential and commercial areas. It would also have shopping centers, restaurants, a port, an airport, and railway services. There would be no income, property, capital gains, or payroll taxes. Residents would, however, be subject to just value-added tax (VAT). This tax will go towards paying for the municipality’s bonds, public infrastructure, and city maintenance.

“In #BitcoinCity, we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport” said Bukele.

El Salvador’s Infrastructure Development Projects

After El Salvador adopted Bitcoin as legal tender, the government started reinvesting unrealized profits into several projects.

Earlier this month, the government announced its plans to use some of the profits from its Bitcoin Trust to build 20 new schools. One of the purposes of these new facilities will be to educate locals about how cryptocurrencies work.

Related Reading | New York Mayor Says Cryptocurrencies Should Be Taught In Schools

In October, President Nayib Bukele had announced plans to use the profits for a new veterinary hospital. However, some criticized this move, arguing that investment in medical facilities for humans was more urgent.

Featured image by Shutterstock, Chart from TradingView.com
Tags: bitcoinBitcoin adoptionbitcoin bondbitcoin bondsbitcoin citybtcEl SalvadorEl Salvador Bitcoin
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tolu Okuwoga

Tolu Okuwoga

Related Posts

Bitcoin Rejects Downside At $29k, Here’s Why This Is Good

Bitcoin Rejects Downside At $29k, Here’s Why This Is Good

5 hours ago
Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

8 hours ago
Bitcoin

Bitcoin Price Could Fall To $8,000, Says Guggenheim CIO

10 hours ago
bitcoin, ethereum

Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

14 hours ago
Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

1 day ago
Bitcoin

Bitcoin Taker Buy/Sell Ratio Approaches Bullish Cross

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List Globiance Exchange Token (GBEX) on May 25, 2022

May 25, 2022

LBank and Adanian Labs Powers Hackathons, Blockchain Education, and Ecosystem Development for Africa

May 25, 2022

Cornucopias: A Revolutionary Cardano Blockchain Project that is Redefining the Gaming Metaverse Industry

May 25, 2022

Caduceus Set Record for BitKeep LaunchPad with 1286% Oversubscribed

May 25, 2022

Fireblocks Adds Support for TRON DAO’s TRX and all TRC20 Tokens

May 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.