{"id":476911,"date":"2021-11-21T09:00:06","date_gmt":"2021-11-21T09:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=476911"},"modified":"2024-06-11T07:44:00","modified_gmt":"2024-06-11T07:44:00","slug":"el-salvador-announces-worlds-first-bitcoin-city-backed-by-1b-bitcoin-bonds","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/el-salvador-announces-worlds-first-bitcoin-city-backed-by-1b-bitcoin-bonds\/","title":{"rendered":"El Salvador Announces World\u2019s First Bitcoin City, Backed By $1B Bitcoin Bonds"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. This move has witnessed many developments, as well as some pushback. Amid protests, technical glitches, and inevitable market volatility, El Salvador continues to drive BTC adoption.<\/span><\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/there-are-more-people-using-bitcoin-wallets-than-bank-accounts-says-el-salvador-president\/\">There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President<\/a><\/em><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">In its latest Bitcoin adoption move, the Central American country plans to build a city based on the world&#8217;s largest cryptocurrency. President Nayib Bukele announced the Bitcoin City initiative at El Salvador\u2019s Bitcoin Week conference on Saturday night. This conference is a celebration of Bitcoin\u2019s mainstream adoption in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In partnership with crypto firms\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/blockstream.com\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Blockstream<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bitfinex.com\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">BitFinex<\/span><\/a><span data-preserver-spaces=\"true\">, Bukele plans to issue $1 billion in tokenized USD-denominated 10-year bonds to fund this project.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Proposed Bitcoin City<\/span><\/h2>\n<p>Paolo Ardoino, Bitfinex CTO, says the exchange will support the initiative by launching a securities platform to hold the bonds.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Finex will launch a securities platform that will be the home of ES <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> bonds and soon many local and foreign digital assets offerings developing new digital asset regulation for the country!<br \/>El Salvador, <a href=\"https:\/\/twitter.com\/bitfinex?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@bitfinex<\/a> and <a href=\"https:\/\/twitter.com\/Blockstream?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@blockstream<\/a> are making history together.<\/p>\n<p>&mdash; Paolo Ardoino \ud83c\udf50 (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/41371393?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Blockstream Chief Security Officer Samson Mow also clarified the feasibility of sourcing the $1 billion Bitcoin bonds.<br \/>\n\u201cWith Bitfinex, they have a lot of whales. I don\u2019t see a problem filling up a $1 billion bond.\u201d<\/p>\n<p>In an <a href=\"https:\/\/blog.blockstream.com\/el-salvador-to-issue-1b-in-tokenized-bonds-on-the-liquid-network\/\" rel=\"nofollow\">announcement<\/a> by Blockstream, Mow also said that the $1 billion will be split into two parts. $500 million will go towards building energy and Bitcoin mining infrastructure in the region. The other $500 million worth of BTC will be locked up for five years. Mow further stated that after the five-year lock-up period, El Salvador would start selling some of the bitcoin used to fund the bond to give investors an \u201cadditional coupon,\u201d<br \/>\n&#8220;This is going to make El Salvador the financial center of the world,&#8221; he said.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/iukgYSS4\/\" alt=\"BTCUSD chart on TradingView.com\" width=\"2172\" height=\"1320\"><\/p>\n<pre style=\"text-align: center\">BTC trading at $58.866K | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/thNkmlDT\/\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The Salvadoran president additionally said that the bonds will be available in 2022. He plans on locating the proposed Bitcoin City near a volcano. The idea, he said, is to provide energy for both the city and bitcoin mining.<\/p>\n<p>According to Bukele, Bitcoin City will be a full-fledged metropolis with residential and commercial areas. It would also have shopping centers, restaurants, a port, an airport, and railway services. There would be no income, property, capital gains, or payroll taxes. Residents would, however, be subject to just value-added tax (VAT). This tax will go towards paying for the municipality&#8217;s bonds, public infrastructure, and city maintenance.<\/p>\n<p>\u201cIn #BitcoinCity, we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport\u201d said Bukele.<\/p>\n<h2><span data-preserver-spaces=\"true\">El Salvador&#8217;s Infrastructure Development Projects<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">After El Salvador adopted Bitcoin as legal tender, the government started reinvesting unrealized profits into several projects.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Earlier this month, the government announced its plans to use some of the profits from its Bitcoin Trust to build 20 new schools. One of the purposes of these new facilities will be to educate locals about how cryptocurrencies work.<\/span><\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/cryptocurrencies-should-be-taught-in-schools\/\">New York Mayor Says Cryptocurrencies Should Be Taught In Schools<\/a><\/em><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">In October, President Nayib Bukele had announced plans to use the profits for a new veterinary hospital. However, some criticized this move, arguing that investment in medical facilities for humans was more urgent.<\/span><\/p>\n<pre style=\"text-align: center\">Featured image by Shutterstock, Chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. This move has witnessed many developments, as well as some pushback. Amid protests, technical glitches, and inevitable market volatility, El Salvador continues to drive BTC adoption. Related Reading |\u00a0There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President In its latest Bitcoin adoption move, the Central American country plans to build a city based on the world&#8217;s largest cryptocurrency. President Nayib Bukele announced the Bitcoin City initiative at El Salvador\u2019s Bitcoin Week conference on Saturday night. This conference is a celebration of Bitcoin\u2019s mainstream adoption in the country. In partnership with crypto firms\u00a0Blockstream\u00a0and\u00a0BitFinex, Bukele plans to issue $1 billion in tokenized USD-denominated 10-year bonds to fund this project. The Proposed Bitcoin City Paolo Ardoino, Bitfinex CTO, says the exchange will support the initiative by launching a securities platform to hold the bonds. Blockstream Chief Security Officer Samson Mow also clarified the feasibility of sourcing the $1 billion Bitcoin bonds. \u201cWith Bitfinex, they have a lot of whales. I don\u2019t see a problem filling up a $1 billion bond.\u201d In an announcement by Blockstream, Mow also said that the $1 billion will be split into two parts. $500 million will go towards building energy and Bitcoin mining infrastructure in the region. The other $500 million worth of BTC will be locked up for five years. Mow further stated that after the five-year lock-up period, El Salvador would start selling some of the bitcoin used to fund the bond to give investors an \u201cadditional coupon,\u201d &#8220;This is going to make El Salvador the financial center of the world,&#8221; he said. BTC trading at $58.866K | Source: BTCUSD on TradingView.com The Salvadoran president additionally said that the bonds will be available in 2022. He plans on locating the proposed Bitcoin City near a volcano. The idea, he said, is to provide energy for both the city and bitcoin mining. According to Bukele, Bitcoin City will be a full-fledged metropolis with residential and commercial areas. It would also have shopping centers, restaurants, a port, an airport, and railway services. There would be no income, property, capital gains, or payroll taxes. Residents would, however, be subject to just value-added tax (VAT). This tax will go towards paying for the municipality&#8217;s bonds, public infrastructure, and city maintenance. \u201cIn #BitcoinCity, we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport\u201d said Bukele. El Salvador&#8217;s Infrastructure Development Projects After El Salvador adopted Bitcoin as legal tender, the government started reinvesting unrealized profits into several projects. Earlier this month, the government announced its plans to use some of the profits from its Bitcoin Trust to build 20 new schools. One of the purposes of these new facilities will be to educate locals about how cryptocurrencies work. Related Reading |\u00a0New York Mayor Says Cryptocurrencies Should Be Taught In Schools In October, President Nayib Bukele had announced plans to use the profits for a new veterinary hospital. However, some criticized this move, arguing that investment in medical facilities for humans was more urgent. Featured image by Shutterstock, Chart from TradingView.com<\/p>\n","protected":false},"author":545,"featured_media":476913,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,435,5037,5154,84745,1119,83729,84358],"class_list":["post-476911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-bond","tag-bitcoin-bonds","tag-bitcoin-city","tag-btc","tag-el-salvador","tag-el-salvador-bitcoin"],"acf":[],"yoast_head":"\n<title>El Salvador Announces World\u2019s First Bitcoin City, Backed By $1B Bitcoin Bonds<\/title>\n<meta name=\"description\" content=\"El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. 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