$BTC EL SALVADOR AIMS TO BUILD A BITCOIN CITY
Bitcoin City is a planned smart city project in La Union, El Salvador. The city is intended to be a tax haven, utilizing geothermal energy to power Bitcoin mining.
Bukele promised that there will be no income tax, property tax, procurement tax, city tax, and no CO2 emissions. The only tax in Bitcoin City will be VAT, with half of the VAT revenue used to pay for the cityâs bonds and the other half for maintaining public infrastructure.
El Salvador has been harnessing volcanic energy to mine Bitcoin. According to the countryâs official website showing its Bitcoin reserves, El Salvador currently holds 5,839.76 Bitcoins worth over $348 million.
