El Salvador Unveils Plans for First Bitcoin City

El Salvador has unveiled ambitious plans to construct the world's first Bitcoin City, a metropolis powered by geothermal energy from nearby volcanoes.

The city will be built on the site of La Unión, with President Nayib Bukele announcing the project during the country's recent Bitcoin conference. The new city is expected to serve as a hub for cryptocurrency and blockchain technology.

The city will not have income tax, but instead will charge a value-added tax (VAT) on all purchases made within its boundaries. Revenues from the VAT will be used to fund the construction of the city and maintain its infrastructure.