World’s First Bitcoin City! Income tax will not have to be Paid Here

The world is going crazy for other crypto currencies including bitcoin. If you are also a fan of Bitcoin (Bitcoin City el Salvador), then there is great news for you. The President of the South American country El Salvador, Nayib Bukele, has announced that the world’s first ‘Bitcoin City’ will be established in the country.

There will be many specialties in this city (Bitcoin City). No one will have to pay income tax in this city. The city will get energy from a volcano and crypto currency bonds will be the ‘source of income’ here. This ‘bitcoin city’ will have every facility like residential and commercial areas, services, museum, airport, port, rail and entertainment.

President announced! BITCOIN CITY

President Nayib Bukele made this announcement at the Bitcoin and Blockchain Conference. Let us tell you that El Salvador is the first country in the world to consider the US dollar as its currency for the last two decades, which has legalized bitcoin as a currency. That is, bitcoin is a currency here legally. Bukele has told that this bitcoin city and bitcoin mining will get energy from the Cochagua volcano.

Zero Carbon Emissions

Actually, under bitcoin mining, new bitcoins are created by solving mathematical challenges with the help of computers. This whole process requires a lot of energy. Some of the energy in El Salvador comes from geothermal plants. It generates energy with the help of Tekapa volcano. Addressing the public, the President said that there will be zero carbon emissions in this city. That is, there will be no pollution here. It will be a completely eco-friendly city.

Bitcoin City Will Be Awesome

The President said that the city would first be run from the Tecapa plant, then later the Conchagua plant would be started. To fund this project, El Salvador will issue bitcoin bonds worth $1 billion in the year 2022. That is, the beginning of this city will be with bitcoin. Blockstream Chief Strategist Samson Mou announced on stage with the President that half of the ‘Volcano Bonds’ would be used in bitcoin.

No Income Tax

Mou told the forum that the remaining half of the money would be spent on infrastructure development. He told, ‘El Salvador is going to be the financial center of the world.’ The President said that people living in this bitcoin city will have to pay only VAT. That is, no income tax will be levied here either. Here Capital Gains Tax, Property Tax, Payroll Tax will be zero. However, when its construction will start and when it will be ready, it has not been decided yet.

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