'Bitcoin City'
El Salvador is doubling down on its bet on Bitcoin (BTC-USD), detailing plans to build a modern Alexandria called "Bitcoin City." The metropolis would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a Bitcoin symbol from the air. Geothermal energy would be provided from the Conchagua volcano in southeastern El Salvador, while the city would not levy any taxes (property, income or capital gains) except for VAT.
Flashback: In June, El Salvador passed a law making it the first country in the world to accept Bitcoin as legal tender, while the plan took effect in September with the launch of the Chivo Wallet (a government-sponsored digital wallet designed to facilitate transactions). Despite the hype, dollars remain by far the main medium of exchange, as well as the currency coming into the country. In September and October, Salvadoreans abroad sent only $32M in remittances back home using the Chivo Wallet, representing about 2.5% of the total remittances.
"This is going to make El Salvador the financial center of the world," President Nayib Bukele declared. "Invest here and make all the money you want... This is a fully ecological city that works and is energized by a volcano."
Construction of "Bitcoin City" will begin in 2022 and will be funded initially by sovereign bonds backed by the cryptocurrency. The first 10-year issue would be worth $1B, and carry a coupon of 6.5%, with half of the sum going to buy Bitcoin on the market and the other half used for infrastructure and Bitcoin mining. After a five-year lock-up, El Salvador would start selling some of the Bitcoin used to fund the bond to give investors an "additional coupon," and other bonds would follow.
This info coming from Seeking Alpha, I copied & pasted the info from a email I got from them. This is where bitcoin beech is. https://www.google.ca/maps/place/La+Libertad,+El+Salvador/@13.4865203,-89.3221567,3a,75y,90t/data=!3m8!1e2!3m6!1sAF1QipPy-VotpGVLlH_3ton_M18o5BC6RZmJL5KMX-aB!2e10!3e12!6shttps:%2F%2Flh5.googleusercontent.com%2Fp%2FAF1QipPy-VotpGVLlH_3ton_M18o5BC6RZmJL5KMX-aB%3Dw360-h270-k-no!7i4160!8i3120!4m5!3m4!1s0x8f7cd38794b49805:0xbde1440f9dee17b0!8m2!3d13.490697!4d-89.3084607?hl=en&authuser=0#
El Salvador is doubling down on its bet on Bitcoin (BTC-USD), detailing plans to build a modern Alexandria called "Bitcoin City." The metropolis would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a Bitcoin symbol from the air. Geothermal energy would be provided from the Conchagua volcano in southeastern El Salvador, while the city would not levy any taxes (property, income or capital gains) except for VAT.
Flashback: In June, El Salvador passed a law making it the first country in the world to accept Bitcoin as legal tender, while the plan took effect in September with the launch of the Chivo Wallet (a government-sponsored digital wallet designed to facilitate transactions). Despite the hype, dollars remain by far the main medium of exchange, as well as the currency coming into the country. In September and October, Salvadoreans abroad sent only $32M in remittances back home using the Chivo Wallet, representing about 2.5% of the total remittances.
"This is going to make El Salvador the financial center of the world," President Nayib Bukele declared. "Invest here and make all the money you want... This is a fully ecological city that works and is energized by a volcano."
Construction of "Bitcoin City" will begin in 2022 and will be funded initially by sovereign bonds backed by the cryptocurrency. The first 10-year issue would be worth $1B, and carry a coupon of 6.5%, with half of the sum going to buy Bitcoin on the market and the other half used for infrastructure and Bitcoin mining. After a five-year lock-up, El Salvador would start selling some of the Bitcoin used to fund the bond to give investors an "additional coupon," and other bonds would follow.
This info coming from Seeking Alpha, I copied & pasted the info from a email I got from them. This is where bitcoin beech is. https://www.google.ca/maps/place/La+Libertad,+El+Salvador/@13.4865203,-89.3221567,3a,75y,90t/data=!3m8!1e2!3m6!1sAF1QipPy-VotpGVLlH_3ton_M18o5BC6RZmJL5KMX-aB!2e10!3e12!6shttps:%2F%2Flh5.googleusercontent.com%2Fp%2FAF1QipPy-VotpGVLlH_3ton_M18o5BC6RZmJL5KMX-aB%3Dw360-h270-k-no!7i4160!8i3120!4m5!3m4!1s0x8f7cd38794b49805:0xbde1440f9dee17b0!8m2!3d13.490697!4d-89.3084607?hl=en&authuser=0#
'Bitcoin City'
El Salvador is doubling down on its bet on Bitcoin (BTC-USD), detailing plans to build a modern Alexandria called "Bitcoin City." The metropolis would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a Bitcoin symbol from the air. Geothermal energy would be provided from the Conchagua volcano in southeastern El Salvador, while the city would not levy any taxes (property, income or capital gains) except for VAT.
Flashback: In June, El Salvador passed a law making it the first country in the world to accept Bitcoin as legal tender, while the plan took effect in September with the launch of the Chivo Wallet (a government-sponsored digital wallet designed to facilitate transactions). Despite the hype, dollars remain by far the main medium of exchange, as well as the currency coming into the country. In September and October, Salvadoreans abroad sent only $32M in remittances back home using the Chivo Wallet, representing about 2.5% of the total remittances.
"This is going to make El Salvador the financial center of the world," President Nayib Bukele declared. "Invest here and make all the money you want... This is a fully ecological city that works and is energized by a volcano."
Construction of "Bitcoin City" will begin in 2022 and will be funded initially by sovereign bonds backed by the cryptocurrency. The first 10-year issue would be worth $1B, and carry a coupon of 6.5%, with half of the sum going to buy Bitcoin on the market and the other half used for infrastructure and Bitcoin mining. After a five-year lock-up, El Salvador would start selling some of the Bitcoin used to fund the bond to give investors an "additional coupon," and other bonds would follow.
This info coming from Seeking Alpha, I copied & pasted the info from a email I got from them. This is where bitcoin beech is. https://www.google.ca/maps/place/La+Libertad,+El+Salvador/@13.4865203,-89.3221567,3a,75y,90t/data=!3m8!1e2!3m6!1sAF1QipPy-VotpGVLlH_3ton_M18o5BC6RZmJL5KMX-aB!2e10!3e12!6shttps:%2F%2Flh5.googleusercontent.com%2Fp%2FAF1QipPy-VotpGVLlH_3ton_M18o5BC6RZmJL5KMX-aB%3Dw360-h270-k-no!7i4160!8i3120!4m5!3m4!1s0x8f7cd38794b49805:0xbde1440f9dee17b0!8m2!3d13.490697!4d-89.3084607?hl=en&authuser=0#
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