El Salvador Bootstraps a (Tax Free, of Course) “Bitcoin City”

In an attempt to become the “Singapore of Latin America,” President Nayib Bukele announces El Salvador will bootstrap an entire city around Bitcoin’s economic prospects. Building on the country’s recent recognition of the leading cryptocurrency as legal tender, the so-called “Bitcoin city” will be located along the Gulf of Fonseca near the base of Conchagua volcano, the geothermal energy of which will be harnessed to power the city and an industrial-scale Bitcoin mining operation. Honouring the libertarian ethos that is common amongst Bitcoin-boosters “the city will have no income, property, capital gains, or payroll taxes.”

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