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.