El Salvador Announces World's First Bitcoin City

El Salvador Announces World's First Bitcoin City

Daily Current Affairs   /   El Salvador Announces World's First Bitcoin City

Change Language English Hindi

Category : International Published on: November 23 2021

Share on facebook
  • El Salvador's President Nayib Bukele announced plans to build the world's first "Bitcoin City," which will be funded initially with Bitcoin-backed bonds.
  • El Salvador was the first country in the world to recognize Bitcoin as legal cash in September.
  • Bitcoin City will be constructed near the Conchagua volcano, which will supply mining electricity.
  • The only tax in Bitcoin City will be a 10 percent value-added tax to fund city construction and services.

Important Takeaways

About Bitcoin

  • Bitcoin is a digital currency. It began in 2009 and has since grown in popularity to the point where the price of one Bitcoin has reached millions of rupees. It's also known as a cryptocurrency because it uses cryptography to make payments.
  • That is, now this currency can also be called future currency.
Recent Post's
  • Mauritius awarded its highest honor, ‘Order of the Star and Key of the Indian Ocean,’ to PM Modi.

    Read More....
  • The government will establish daycare cancer centers in every district within three years.

    Read More....
  • According to the second advance estimates of the Ministry of Agriculture, India achieved a record food grain production in the 2024-25 session, with Kharif at 16.6391 million tonnes and Rabi (excluding summer crops) at 16.4527 million tonnes.

    Read More....
  • India signed an MoU with Armenia for cooperation in the regulation of medical products.

    Read More....
  • The joint military exercise Khandjar-XII between the special forces of India and Kyrgyzstan began in Tokmok, Kyrgyzstan, and will be held from March 10 to 23, 2025.

    Read More....
  • Dr. Jaishree Venkatesan became the first Indian to win the prestigious Ramsar Award in the ‘Wetland Wise Use’ category and was recognized as a female changemaker in wetlands by the Ramsar Secretariat.

    Read More....
  • Self-Help Groups (SHGs) of Andhra Pradesh set four world records—one Guinness and three World Records Union records, with DWCRA members achieving 3 lakh orders worth ₹5.13 crore in a week on ONDC.

    Read More....
  • Union Health Minister J.P. Nadda inaugurated the third International Symposium on Health Technology Assessment (ISHTA 2025) at Bharat Mandapam, organized by the Department of Health Research in collaboration with WHO India and the Centre for Global Development.

    Read More....
  • No Smoking Day is observed every year on the second Wednesday of March.

    Read More....
  • Mumbai will host the WAVES 2025 Summit, with a high-level meeting co-chaired by the Chief Secretary of Maharashtra and the Secretary of the Ministry of Information and Broadcasting.

    Read More....