El Salvador plans to build the world's first 'Bitcoin City', which will be initially funded by Bitcoin-backed bonds.
The announcement was made on Saturday by President Nayib Bukele, who doubled down on his bet to fuel investment in his country through cryptocurrency.
"It is going to be right there in the Fonseca Gulf, and it is going to include everything: residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail, everything devoted to bitcoin."
Speaking at an event closing a week-long promotion of Bitcoin in El Salvador, President Bukele said the planned city would get geothermal power from a volcano and not impose any taxes aside from value added tax.
Half of the VAT levied would be used to fund the bonds issued to build the city, while the other half would pay for services such as garbage collection.
Bukele estimates that the public infrastructure would cost around 300-thousand Bitcoins.
As for the design, the president said Bitcoin City would be circular and feature a central plaza designed to look like a Bitcoin symbol from the sky.