El salvador will become the first country in the world to legalize bitcoin. at the foot of a volcano, a “bitcoin city” will be constructed on the ocean’s edge. according to nayib bukele, there will be no property, income, or municipal taxes levied in the municipality. the president of el salvador, nayib bukele, delivered a speech at the latin american bitcoin and blockchain conference. bitcoin is now officially recognized as legal tender in the united states of america. to encourage bitcoin-related operations in el salvador, the government has set up a $150 million fund to be administered by the central bank of el salvador.

because bitcoin was initially intended to operate outside of government-controlled financial institutions, according to bukele, it will attract worldwide investment to el salvador as well as make it easier for salvadorans living abroad to send money back to their families.

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