El Salvador will construct a Bitcoin city at the base of the Conchaga volcano along the Gulf of Fonseca.
Bitcoin city will use the volcano's geothermal energy to power the mining of Bitcoin.
The issuance of a $1 billion Bitcoin bond will fund the coin-shaped city.
El Salvador is the only state to recognize Bitcoin as a legal tender.
As a result, the state plans to build an entire city based on the most prominent cryptocurrency.
Notably, El Salvador already runs a pilot mining venture at another geothermal power plant next to the Tecapa Volcano.
No taxes except VAT
According to President Nayib Bukele, the only tax collected will be the value-added tax.
Further, half of these taxes will fund the municipal bonds, maintenance, and infrastructure.
Despite Buke...
