El Salvador Aims to Build World's First 'Bitcoin City'
2021-11-25
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1El Salvador says it plans to build the world's first "Bitcoin City."
2The city, to be created in the eastern area of La Union, will be powered by a nearby volcano, President Nayib Bukele recently announced.
3The announcement came during an event held as part of the country's weeklong Latin American Bitcoin and Blockchain Conference.
4In September, El Salvador became the first country in the world to make bitcoin a legal currency.
5The country has used the U.S. dollar for more than 20 years.
6Bukele said the planned city would be financed with bonds linked to virtual currencies, also known as cryptocurrencies.
7Bitcoin is the world's biggest cryptocurrency.
8El Salvador plans to issue $1 billion worth of "bitcoin bonds" in 2022, said Samson Mow, who appeared at the event with Bukele.
9Mow is an executive with Blockstream, a blockchain technology provider.
10After the financing is ready, the building of the "Bitcoin City" could begin within 60 days, Bukele said.
11Mow added that the city could make El Salvador "the financial center of the world."
12The city is to be built near the Conchagua volcano.
13Officials said the volcano will produce geothermal energy to power both the city and the bitcoin mining process.
14Geothermal power centers capture high heat from below Earth's surface.
15The heat creates steam that can turn machines to produce electricity.
16Bitcoin mining is the process by which new bitcoin is created using computers that solve complex mathematical problems.
17The mining process requires huge amounts of energy.
18Bukele said the project would create "a fully ecological city that works and is energized by a volcano."
19The government said it will provide land, infrastructure and low taxes to gain investors.
20The only tax to be collected will be a value-added tax (VAT).
21Bukele said there would be no property, income or local taxes.
22He added that the city is expected to add no carbon dioxide to the atmosphere.
23The government is already operating a Bitcoin mining test project.
24It is near another geothermal area beside the Tecapa volcano in the eastern part of the country.
25The government plans to use half of the new tax it collects to finance the bonds sold to build the city.
26The other half would be used to pay for local services.
27Bukele estimated that public infrastructure projects would cost about 300,000 bitcoins.
28The goal of the city will be to bring in new foreign investments.
29Bukele invited companies from around the world to join the project and promised that such efforts would pay off.
30"Invest here and make all the money you want," he said.
31The city is expected to include housing, stores, restaurants and a port, the president said.
32He also talked about plans to offer digital education and public transportation that does not harm the environment.
33The government is currently supporting bitcoin with a $150 million fund.
34To get Salvadorans to use it, the government offered $30 of credit to those using the currency's digital wallet.
35Bitcoin was first created to operate outside of government controlled financial systems.
36The Salvadoran government has said bitcoin could reduce the cost for Salvadorans living in foreign countries to send money home to their families.
37I'm Bryan Lynn.
1El Salvador says it plans to build the world's first "Bitcoin City." 2The city, to be created in the eastern area of La Union, will be powered by a nearby volcano, President Nayib Bukele recently announced. 3The announcement came during an event held as part of the country's weeklong Latin American Bitcoin and Blockchain Conference. 4In September, El Salvador became the first country in the world to make bitcoin a legal currency. The country has used the U.S. dollar for more than 20 years. 5Bukele said the planned city would be financed with bonds linked to virtual currencies, also known as cryptocurrencies. Bitcoin is the world's biggest cryptocurrency. 6El Salvador plans to issue $1 billion worth of "bitcoin bonds" in 2022, said Samson Mow, who appeared at the event with Bukele. Mow is an executive with Blockstream, a blockchain technology provider. 7After the financing is ready, the building of the "Bitcoin City" could begin within 60 days, Bukele said. Mow added that the city could make El Salvador "the financial center of the world." 8The city is to be built near the Conchagua volcano. Officials said the volcano will produce geothermal energy to power both the city and the bitcoin mining process. Geothermal power centers capture high heat from below Earth's surface. The heat creates steam that can turn machines to produce electricity. 9Bitcoin mining is the process by which new bitcoin is created using computers that solve complex mathematical problems. The mining process requires huge amounts of energy. 10Bukele said the project would create "a fully ecological city that works and is energized by a volcano." 11The government said it will provide land, infrastructure and low taxes to gain investors. The only tax to be collected will be a value-added tax (VAT). Bukele said there would be no property, income or local taxes. He added that the city is expected to add no carbon dioxide to the atmosphere. 12The government is already operating a Bitcoin mining test project. It is near another geothermal area beside the Tecapa volcano in the eastern part of the country. 13The government plans to use half of the new tax it collects to finance the bonds sold to build the city. The other half would be used to pay for local services. Bukele estimated that public infrastructure projects would cost about 300,000 bitcoins. 14The goal of the city will be to bring in new foreign investments. Bukele invited companies from around the world to join the project and promised that such efforts would pay off. "Invest here and make all the money you want," he said. 15The city is expected to include housing, stores, restaurants and a port, the president said. He also talked about plans to offer digital education and public transportation that does not harm the environment. 16The government is currently supporting bitcoin with a $150 million fund. To get Salvadorans to use it, the government offered $30 of credit to those using the currency's digital wallet. 17Bitcoin was first created to operate outside of government controlled financial systems. 18The Salvadoran government has said bitcoin could reduce the cost for Salvadorans living in foreign countries to send money home to their families. 19I'm Bryan Lynn. 20The Associated Press, Reuters and Agence France-Presse reported on this story. Bryan Lynn adapted the reports for VOA Learning English. Mario Ritter, Jr. was the editor. 21We want to hear from you. Write to us in the Comments section, and visit our Facebook page. 22_________________________________________________ 23Words in This Story 24virtual - adj. existing or occurring on computers or on the internet 25blockchain - n. an online database containing information that can be used and shared within a large network open to the public. 26infrastructure - n. the basic equipment and structures (such as roads and bridges) that are needed for a country or region 27digital - adj. using computer technology; created through electronic devices, not physically real 28fund - n. an amount of money collected, saved or provided for a particular purpose 29wallet - n. a container used to hold money