Business News Asia
El Salvador continues on its path. Now the president of El Salvador Nayib Bukele is planning a Bitcoin city. This could be a new chapter in the Bitcoin era.
The kicker to the whole story is that the entire city is supposed to be income and property tax free. The construction of the city is to be financed with bitcoin government bonds through the Blockstream Liquit Network. Later then value added taxes are to be added.
The first ten-year bonds are to be issued in 2022 with a coupon of 6.5%. The bonds are to have a total value of $1 billion, of which a value of $500 million is to be used for the purchase of Bitcoin, whereupon the dividend for bondholders is to increase after the sale of Bitcoins after five years.
Another positive factor should be power generation. According to the plan, the energy will be generated by geothermal power plants.
El Salvador takes another step toward the future. The adaptation of Bitcoin in the country is taking bigger and bigger traits, which definitely speaks for the Bitcoin success story.