The president of El Salvador, Nayib Bukele, announced that in 2022 the construction of what they have called “Bitcoin City” will begin. This will be – according to the president – a bitcoiner city, provided with geothermal energy and almost free of taxes (with the exception of VAT).
Although the first information is just known, the Presidential House of El Salvador, through its account on the social network Twitter, has given some hints and sneak peeks of what Bitcoin City will look like.
The city will be located in southeastern Salvadoran, near the towns of La Unión and Conchagua. This is an area near the Gulf of Fonseca, on which both El Salvador, Honduras and Nicaragua have coasts.
Initially, Bitcoin City would be supplied with geothermal electrical energy that comes from the Tecapa volcano. This is located almost halfway between what will be Bitcoin City and San Salvador, the capital of the country. Tecapa has a geothermal power generating plant that was built in 1999.
In a later stage, it will become completely dependent on the Conchagua volcano, closer to the bitcoiner city.
“The change from a global economy to a more balanced one at the local level incorporates innovative technologies”, indicates the Presidential House. They add that they will be “based on a healthy circulation of resources and natural geothermal engineering.” All this, in order to develop “an environmental city”
Bitcoin City: a circular city with a big “B”
Something that stands out about Bitcoin City is its circular design. In the center, there will be a square with a large ‘B’ of Bitcoin carved out. Apparently – perhaps underground – the Museum of Bitcoin will also be installed there. The Presidency explains that this “B” will serve to “allow light to enter the exhibition rooms” of the museum. In that institution “people will learn about the evolution of money”, from stones to cryptocurrencies.
50% of the city will be dedicated to residential areas; 20% will be sectors for social recreation; 10% will be green areas; 8% will be occupied by industries and offices; 7% will be destined for the installation of digital equipment; 3% will be for “eco-infrastructure”; and the remaining 2% will be infrastructure necessary for transportation.
This transport infrastructure, although it will occupy only 2% of the city’s space, will be of advanced level and includes an airport. This aeronautical center, according to government plans, “will grow over time to accommodate not only the hardworking inhabitants of the eastern part of the country, but also tourists who will be interested in visiting the Bitcoin City.”
“Bitcoin City will promote the new needs of the cities of the microcosm, with a sense of community based on public spaces as the center of social life, which will encourage new investments”, indicates the Presidency. They define city design as “a holistic approach to urban planning.”
This attracting investment is quite present in everything that concerns bitcoin in El Salvador. In fact, the announcement of the Bitcoin City – during the closure of LaBitConf – was made by Bukele in English and not in the local language, Spanish. The same is observed in many tweets of the president in relation to bitcoin. Also the name of the city (which, apparently, it will be that, “Bitcoin City”) seems more intended to attract foreigners than to relocate Salvadoran citizens.
“As the first Bitcoin City in the world, it will be the perfect place for cryptocurrency investors and ecosystem companies to become part of the world and Bitcoin wallet.”
Presidency of El Salvador.
El Salvador wants to be “the Singapore of Latin America”
The Presidential House of El Salvador celebrated Bukele’s ads. In addition to the Bitcoin City, the president announced the launch, scheduled for 2022, of a state bitcoin bond with which they intend to raise $ 1 billion, which will be used to finance the works.
The evening of Saturday, November 20, was described by the Government as “a night full of great announcements for the country.” El Salvador, says the Presidency, longs to become the Singapore of Latin America.