El Salvador doubles down on cryptocurrency, announces Bitcoin City

Bitcoin (Image credit: Shutterstock)

What you need to know

  • Cryptocurrency has many critics and skeptics.
  • El Salvador is not among those two camps, however, and has instead embraced cryptocurrency and now plans to build an entire city around it.
  • The city will be placed near a volcano, wherein Bitcoin can be mined, and energy can be harvested.

Many people do not believe in the cryptocurrency revolution. Others are skeptical about the whole thing while still maintaining interest in it, including Mark Cuban and Elon Musk. And when it comes to countries, nations such as the United States are wary of the headaches cryptocurrency incurs. But not all entities share the same reservations.

Enter: El Salvador. Not only has the country made Bitcoin a legal form of currency within its jurisdiction, but now, it's doubling down with a commitment to build Bitcoin City. In other words, should you live in El Salvador, you may want to learn how to mine crypto and earn passive income. The new city is set to border a volcano, being established along the Gulf of Fonseca.

The city will be shaped like a circle (coin-like, if you will) and will utilize its nearby volcano's energy to fuel mining operations. If you're wondering where this unusual news comes from, well, look no further than the president of El Salvador himself: Nayib Bukele.

Bitcoin City isn't just going to be a mining hub, however; it's set to be a real city with proper commercial and residential areas, as well as an airport. The only tax that will exist within Bitcoin City is VAT tax.

Considering many were getting amped over the prospects of AMC letting crypto miners pay for popcorn with their gains, one can only imagine what sort of attention this city could potentially draw. If this news has you hyped, check out what the best GPUs for crypto mining currently are.

Robert Carnevale

Robert Carnevale is the News Editor for Windows Central. He's a big fan of Kinect (it lives on in his heart), Sonic the Hedgehog, and the legendary intersection of those two titans, Sonic Free Riders. He is the author of Cold War 2395. Have a useful tip? Send it to robert.carnevale@futurenet.com.

  • This is less dumb than it seems at first, as the idiots in charge do not seem to be moving towards pegging their country's currency to any given crypto (which would be orders of magnitude worse than the monetary policy of Herbert Hoover--or Nicholas Maduro, depending on the timing). This is just a meathead/Reddit investor version of a special development zone (special development man cave?). True, they could have invested all this money in something that would actually make their country richer in the long run, like education or public health. But if (when) this falls through, Plan B could be to make El Salvador a center for E-sports.
  • In my best HHGTTG voice... "this will all end in tears..."
  • Well, let's just hope the volcano doesn't think differently nor does heavy duty construction and drilling for foundations wake it up. After all, what possible harm could can in building a city next to a dormant volcano with fumarolic activities around the peaks...... An extinct volcano has hardly any activity visible and/or seismic.
  • All of these concerns are likely remedied by the statement "how cool would it be to build a crypto city next to a volcano."
  • Really, remedied? Ignored maybe.
  • @Eolirin r/whoosh! 😅 Robert was clearly joking haha....
  • @Robert Carnevale. Indeed🤣🤣🤣
  • Okay with bitcoin but setting a city near a volcano is not intelligent decision