El Salvador to Launch Bitcoin City, $1B Bitcoin Bond

El Salvador to Launch Bitcoin City
  • El Salvador announced its plans to launch Bitcoin City.
  • This location will have zero income tax, capital gains tax, property tax, and payroll tax.
  • The country partnered with Blockstream to issue $1 billion in tokenized bonds.

El Salvador recently unveiled its plants to launch what it calls Bitcoin City. According to a Twitter post, this cryptocurrency metropolitan area will be located in La Unión, an eastern municipality of the country. 

Another tweet said that the country aims to offer zero income tax, capital gains tax, property tax, and payroll tax. Instead, Bitcoin City will run dependent on 10% sales tax and $1 billion in tokenized bonds. 

In essence, Bitcoin City will function like a free trade zone, which offers business incentives that are commonly not offered in regular business areas. 

Meanwhile, El Salvador partnered with cryptocurrency exchange Bitfinex and fintech provider Blockstream. Through the partnership, the country will issue $1 billion in tokenized bonds using Blockstream’s Liquid platform for bitcoins.

At the time of writing, Bitcoin price is at $59,328.89, according to CoinGecko. The price has bounced back from a dip to $56,000.

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.