El Salvador continues to lead the Bitcoin adoption as President Bukele publicized the launch of Bitcoin City, which will be funded by $1 billion Bitcoin bonds.
The initiative was first announced at El Salvador’s Bitcoin Week conference, which sought to celebrate Bitcoin’s mainstream adoption in the country and increase citizens involvement.
The development of Bitcoin City will see the active involvement of major crypto companies which include cryptocurrency exchange Bitfinex and Adam Back’s Blockstream. According to Bitfinex, the exchange will support El Salvador’s Bitcoin City initiative by launching a securities platform to hold the Bitcoin bonds.
The president visualises Bitcoin City to become a fully functional city focused around Bitcoin. The residents will only be subject to value-added tax (VAT), which according to the president will be used to pay the municipality’s bonds, and the rest for public infrastructure and city maintenance.
