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After becoming world's first country to adopt bitcoins as legal tender in the counter, El Salvador is mulling to build world's first 'Bitcoin City.' Making an official announcement in this regard on Saturday, President Nayib Bukele said that El Salvador's 'Bitcoin City' plan will be funded initially by bitcoin bonds, doubling down on the country's bet on the cryptocurrency.

On Saturday, while speaking at an event to promote the bitcoin, El Salbavador President Nayib Bukele said, "We'll start funding in 2022, the bonds will be available in 2022." Bukele went on to add that the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT).

Speaking alongside Bukele, Samson Mow, chief strategy officer of blockchain technology provider Blockstream, said El Salvador would initially issue a $1 billion bond backed by bitcoin to begin raising funds for the planned city.

In September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender.

(With inputs from Reuters)

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