{"id":370783,"date":"2021-11-22T19:41:25","date_gmt":"2021-11-22T16:41:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-bonds-volcanoes-what-we-know-about-the-first-bitcoin-city\/"},"modified":"2021-11-22T19:41:25","modified_gmt":"2021-11-22T16:41:25","slug":"crypto-bonds-volcanoes-what-we-know-about-the-first-bitcoin-city","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-bonds-volcanoes-what-we-know-about-the-first-bitcoin-city\/","title":{"rendered":"#Crypto bonds! Volcanoes! What we know about the first \u2018Bitcoin City\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a393fd50ab85\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a393fd50ab85\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-bonds-volcanoes-what-we-know-about-the-first-bitcoin-city\/#Volcano_power\" >Volcano power<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-bonds-volcanoes-what-we-know-about-the-first-bitcoin-city\/#Covering_the_costs\" >Covering the costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-bonds-volcanoes-what-we-know-about-the-first-bitcoin-city\/#City_planning\" >City planning<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Crypto bonds! Volcanoes! What we know about the first \u2018Bitcoin City\u2019<\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/img-cdn.tnwcdn.com\/image?fit=796%2C417&amp;url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2021%2F11%2FUntitled-design-4-2.jpg&amp;signature=b6185dce550de160a684a41f5a1188df\" \/><\/p>\n<div>Crypto bros could soon have a new dream destination. At a conference on Saturday, the president of El Salvador unveiled plans to build the world\u2019s first \u201cBitcoin City.\u201d<\/p>\n<p>Dressed in all white and donning a backward baseball cap, <span>President Nayib Bukele looked more like a pop star than a<\/span> politician as he described an ecological metropolis <span>funded by Bitcoin-backed bonds.<\/span><\/p>\n<p><span> He compared his strategy to that of Alexander the Great founding cities that he humbly named after himself:<\/span><\/p>\n<blockquote><p>The idea behind it was that these Alexandrias be the beacons of hope for the rest of the world; that all of the world could be like that\u2026 so I thought, if you want Bitcoin to spread all over the world, we should build some Alexandrias.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The future. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fFCWjcjFqm\">https:\/\/t.co\/fFCWjcjFqm<\/a><\/p>\n<p>\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1462629209411624960?ref_src=twsrc%5Etfw\">November 22, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p>Bukele, who once \u201cjokingly\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2021\/sep\/21\/fears-for-democracy-in-el-salvador-after-president-claims-to-be-coolest-dictator\">described himself<\/a> as \u201cthe coolest dictator in the world,\u201d shared some key details on how he hoped to build his Alexandria.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Volcano_power\"><\/span>Volcano power<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span>Bukele said the city would be built near the Conchagua volcano in southeastern El Salvador. The volcano would provide geothermal power for both the city and Bitcoin mining.<\/span><\/p>\n<p>\u201cThis is a fully ecological city that works and is energized by a volcano,\u201d said Bukele.<\/p>\n<p>It wasn\u2019t the first time that Bukele has touted this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach. In October, the 40-year-old said the country had started mining Bitcoin using geothermal energy, which accounts for around 21% of El Salvador\u2019s electricity generation.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re still testing and installing, but this is officially the first <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> mining from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/volcanode?src=hash&amp;ref_src=twsrc%5Etfw\">#volcanode<\/a> \ud83c\udf0b<\/p>\n<p>\u2014 Nayib Bukele \ud83c\uddf8\ud83c\uddfb (@nayibbukele) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1443832539496525852?ref_src=twsrc%5Etfw\">October 1, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Covering_the_costs\"><\/span>Covering the costs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span>The city will be funded by a sales tax and an issue of $1bn in sovereign bonds backed by Bitcoin, Bukele told the raucous crowd at the beach resort of Mizata.\u00a0 <\/span><\/p>\n<p><span>Half of the $1 billion in bonds will go towards building energy and mining infrastructure, while the other half will be invested in bitcoin.\u00a0<\/span><\/p>\n<p><span> The bond will be managed by blockchain tech firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blockstream.com\/\">Blockstream<\/a> and issued on the \u201cliquid network,\u201d a Bitcoin sidechain network.<\/span><\/p>\n<p>Samson Mow, chief strategy officer of Blockstream, said El Salvador also aims to create a government securities law and grant a license to Bitfinex Securities, a crypto exchange, to process the bond issuance.<\/p>\n<p>\u201c<span>The coming digital securities laws in El Salvador will make it the new center of the financial world,\u201d he said.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BitcoinBond?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinBond<\/a> is coming. The first one will be the \u201cVolcano Bond.\u201d Backed by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and with a special Bitcoin Dividend. Excited to make this a reality with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nayibbukele?ref_src=twsrc%5Etfw\">@nayibbukele<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paoloardoino?ref_src=twsrc%5Etfw\">@paoloardoino<\/a>, and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bitcoinlawyer?ref_src=twsrc%5Etfw\">@bitcoinlawyer<\/a>. \ud83e\udd1d\ud83c\udf0b\ud83c\uddf8\ud83c\uddfb <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/08cBoZNh8Q\">pic.twitter.com\/08cBoZNh8Q<\/a><\/p>\n<p>\u2014 Samson Mow (@Excellion) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Excellion\/status\/1462275180416442368?ref_src=twsrc%5Etfw\">November 21, 2021<\/a><\/p>\n<\/blockquote>\n<p>Bukele promised that would be no income, capital gains, property, payroll, and municipal taxes.<\/p>\n<p>The only tax collected will be a 10% value-added tax. Half of this will be used to pay for the bonds, and the rest will be invested in municipal works.<\/p>\n<p>Bukele also said the city would have zero carbon dioxide emissions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"City_planning\"><\/span>City planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-18snukc-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Bukele said the city will have the circular shape of a coin and be constructed in the Gulf of Fonseca:<\/p>\n<blockquote>\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">It\u2019s gonna include everything: residential areas, commercial areas, services, museums, entertainment bars, restaurants, airport, port, rail \u2014 everything.<\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n<p><span>He said construction of the city will begin 60 days after the bond offering, which will take place in 2022.<\/span><\/p>\n<p>The announcement forms part of Bukele\u2019s plans to create a global crypto hub.<\/p>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-18snukc-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">In September, El Salvador became the first country to adopt Bitcoin as legal tender. The government also launched a digital wallet app loaded with $30 for every Salvadoran citizen who downloaded it.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-18snukc-RichTextContainer e5tfeyi1\">Bukele says his strategy will boost the economy and job market, but critics <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2021\/aug\/30\/scepticism-grows-in-el-salvador-over-pioneering-bitcoin-gamble\">have raised concerns<\/a> about bitcoin\u2019s volatility and potential for money laundering. Bukele has also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hrw.org\/news\/2021\/05\/21\/us-can-stop-el-salvadors-slide-authoritarianism-time-act\">been accused<\/a> of pushing his country in an authoritarian direction.<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/how-el-salvador-plans-build-worlds-first-bitcoin-city\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Crypto bonds! Volcanoes! What we know about the first \u2018Bitcoin City\u2019&#8221; Crypto bros could soon have a new dream destination. At a conference on Saturday, the president of El Salvador unveiled plans to build the world\u2019s first \u201cBitcoin City.\u201d Dressed in all white and donning a backward baseball cap, President Nayib Bukele looked more like&#8230;<\/p>\n","protected":false},"author":1,"featured_media":370786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/hardfork?filter_last=1&fit=1280,640&url=https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/11\/Untitled-design-4-2.jpg&signature=4d1d9bf0fc15956b0863f03d984989f1","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-370783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=370783"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/370786"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=370783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=370783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=370783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}