El Salvador will be the first country to recognise bitcoin as legal tender. It is looking forwards to establishing a bitcoin city powered by bitcoin mining. El Salvador's President recently announced that bitcoin will become legal tender within the country's geographical boundaries.

The bitcoin city expected in El Salvador will be located alongside the Gulf of Fonseca, which is home to a volcano, and will be financed through the issuance of a one-billion-dollar bond.

The announcement about the bitcoin city was made during a bitcoin week event held in El Salvador. Numerous enthusiasts believe in cryptocurrencies and believe that this move will result in significant financial gains for investors and traders.

Due to bitcoin's growing popularity, El Salvador's government has placed a high premium on cryptocurrency. This is one of the primary reasons why the government believes bitcoin will support and stimulate economic growth in the country. It is likely that this will generate a plethora of investment opportunities on BitIQ The Official website.

These forecasts are made because bitcoin prices have been on an upward trend for an extended period of time. According to reports from the event in El Salvador, the country plans to build a circular bitcoin city. And it will create a plaza in the city's heart that will symbolise bitcoin.

As previously stated, the city will be located near the volcano, and in recognition of El Salvador's enormous faith in the bitcoin mining venture, the country is already operating a geothermal power plant near the Tecapa Volcano. However, it will not only power the city; it will also power bitcoin mining.

Every day, cryptocurrency mining is nothing more than solving mathematical calculations. As a result, the President announced that cryptocurrency mining will take place during the day. The coins will be verified and added to the blockchain network over the course of the night.

El Salvador's President announced that the city would be exempt from income, capital gains, property, and even payroll taxes. The city will be entirely based on the concept of foreign investment, and as such, it will be a first in the world. Additionally, it will be a city dedicated to the creation of new cryptocurrencies. Additionally, there will be new innovations that will benefit industries such as malls, restaurants, and residential areas. Additionally, there will be a port for residents of the bitcoin city to use.

Additionally, the city will have access to digital education and environmentally friendly Mummy transportation. It has a strong emphasis on technology and development, and thus the fundamental idea of investing in the bitcoin city is that you can earn all the money you need and want.

Additionally, the President stated that there would be a single tax, which would be a value-added tax (VAT). The funds raised will be used in two distinct ways. The first portion will be used to repay municipal bonds, and the remainder will be invested in municipal infrastructure and its maintenance. There will be no property, income, or municipal taxes. Additionally, the city aspires to be carbon neutral.

However, El Salvador's President provided no specific timeline for the establishment of the bitcoin city. Simply put, the President anticipates investing a US$1 billion bitcoin bond in the bitcoin city's financing. Half of which will be used to develop the country's energy and mining infrastructure, while the remainder will be used to purchase additional bitcoins.

Blockstream, which specialises in bitcoin services, would drive and manage the issuance of the bitcoin-based bonds. Additionally, the bitcoin city will provide services not only to future investors, but also to small investors. Anyone from anywhere in the world can invest as little as a hundred dollars in bitcoins.

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