El Salvador Announces World's First Bitcoin City

• 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.