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

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Category : International Published on: November 23 2021

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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.

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