El Salvador Unveils Plan to Build Bitcoin City at Base of Conchagua Volcano
13:25 GMT 22.11.2021 (Updated: 20:55 GMT 19.10.2022)
Earlier this year, El Salvador became the first country to use Bitcoin as legal tender.
El Salvador President Nayib Bukele has announced his country's plan to build a Bitcoin city at the base of the Conchagua volcano, in the south-eastern region of La Union.
He added that the project will be funded with the use of cryptocurrency.
The idea behind the city's location is about using the volcano's geothermal energy to power Bitcoin mining. The city will have the shape of a large coin, Bukele said.
Addressing the audience at a promotional Bitcoin event in the coastal town of Mizata on Saturday, Bukele said the new planned city would "include everything".
"Residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail - everything devoted to Bitcoin," he said.
The president did not elaborate on when the construction of the city would be completed, only saying that the estimated cost of the city's public infrastructure would be about 300,000 Bitcoins. Currently, one Bitcoin is trading at about $60,000.
In September, El Salvador became the first country to introduce Bitcoin as a legal tender, alongside the US dollar.