▲ El Salvador President Nayb Bukele
El Salvador, Central America, which adopted Bitcoin as a legal currency for the first time in the world in September, announced that it would build the world's first 'Bitcoin City'.
El Salvador's President Nayve Bukele announced this plan at the Latin American Bitcoin and Blockchain Conference, which closed in Misata, El Salvador, on the 20th local time, AP and Reuters reported.
The planned site for the 'Bitcoin City' is near the Conchagua Volcano on the Pacific coast of southern El Salvador, where volcanic geothermal power will be used to power the city and mine will also mine bitcoin, Bukele said.
He explained that "(Bitcoin city) will have residences, commercial facilities, museums, airports, etc."
President Bukele said to investors around the world, "Invest here and earn as much money as you want."
The El Salvador government is also planning to issue the world's first Bitcoin government bonds worth $1 billion next year to finance the city's construction.
“El Salvador will become the financial center of the world, Singapore of Latin America,” said Samson Mau, chief strategy officer of blockchain technology company Blockstream, who took the stage with President Bukele to explain the bond issuance plan.
Central America, El Salvador, which ranks 110th in the world for per capita gross domestic product, adopted Bitcoin as a legal currency along with the US dollar in September with the strong will of the 40th President Bukele.
In addition, in order to induce people to use Bitcoin, we pay 30 dollars (about 36,000 won) worth of Bitcoin to each person and install Bitcoin ATMs across the country.
(Photo = Getty Images Korea)