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Nov 22, 2021

El Salvador President Announces “Bitcoin City” Tax Haven

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A value added tax, however, will take care of city services and infrastructure, which alone would cost 300,000 in Bitcoin or approximately $17 billion.

It’s a gigantic gamble, built on the premise that Bitcoin will continue to appreciate in the long term, allowing the country to repay its new debts. In other words, just another day in the mad world of crypto.

“Invest here and make all the money you want,” Bukele said during the event, which took place at a beach resort. “This is a fully ecological city that works and is energized by a volcano.”

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