El Salvador may become the first Bitcoin city!
Adoption of cryptocurrency has risen massively in the year 2021.
So much so that NFTs have become mainstream and celebrities like Snoop Dog, Jimmy Fallon, etc. started tweeting about their NFTs.NFTs are tokens made on Ethereum, Solana, BNB, Polygon, and other Blockchain Networks-as a form of digital art. Driving usability and the possibility of cryptocurrency.
Most crypto tokens made their All-Time Highs this year, showing that more and more people are investing and adopting cryptocurrencies.
Adding more to this excitement, El Salvador seems to be on the way to becoming the first Bitcoin City by next year.
El Salvador’s President, Nayib Bukele, recently announced the plans to create an ocean side ‘Bitcoin City’ at the base of Volcano. At the gathering of Bitcoin enthusiasts, Bukele, in a video message, shared his idea that El Salvador would be the first country to make the cryptocurrency legal tender.
The city will be built near the Conchagua volcano to take advantage of geothermal energy to power both the city and Bitcoin mining.There is an ongoing controversy of environmental effects of mining Bitcoin. But with natural energy sources like the geothermal energy that will be used to mine Bitcoin in El Salvador can make a huge impact. The idea of reusing what is already available is simply amazing, isn’t it?
It is even said that the local government will provide land and infrastructure and work to attract investors. Bukele said, “There would be residential areas, malls, restaurants, and a port”. The only tax collected there will be the value-added tax, half of which will be used to pay the municipal bonds and the rest for municipal infrastructure and maintenance.
There would be no property, income, or municipal taxes and the city would have zero carbon dioxide emissions as per Bukele’s statement. This will help attract more investors to invest in Bitcoin City.
As the world is moving towards Decentralization faster. DeFi and crypto projects have shown tremendous growth this year.
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