{"id":1051597,"date":"2021-11-24T10:29:19","date_gmt":"2021-11-24T15:29:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1051597"},"modified":"2021-11-24T10:29:24","modified_gmt":"2021-11-24T15:29:24","slug":"el-salvador-plans-first-bitcoin-city-will-raise-1-billion-with-bitcoin-bond","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/el-salvador-plans-first-bitcoin-city-will-raise-1-billion-with-bitcoin-bond\/","title":{"rendered":"El Salvador Plans First \u2018Bitcoin City,\u2019 Will Raise $1 Billion With \u2018Bitcoin Bond\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fel-salvador-plans-first-bitcoin-city-will-raise-1-billion-with-bitcoin-bond%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1051597&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>On Saturday, El Salvador\u2019s President Nayib Bukele announced plans to build the world\u2019s first \u201cBitcoin City.\u201d The city will have residential and commercial areas, restaurants, entertainment venues, and an airport, and will be funded initially by bitcoin-backed bonds.<\/p>\n<p>\u201cSpeaking at an event to mark the close of a week to promote bitcoin in El Salvador, Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT),\u201d reported <a href=\"https:\/\/www.foxbusiness.com\/markets\/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds\">Fox Business<\/a>.<\/p>\n<p>\u201cWe\u2019ll start funding in 2022, the bonds will be available in 2022,\u201d Bukele said.<\/p>\n<p>\u201cInvest here and make all the money you want,\u201d Bukele <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds-2021-11-21\/\">told<\/a> the crowd. \u201cThis is a fully ecological city that works and is energized by a volcano.\u201d<\/p>\n<p>Samson Mow, chief strategy officer of blockchain technology provider Blockstream, joined Bukele, and said that the country would issue a $1 billion bitcoin-backed bond which would spearhead funding for the building plans.<\/p>\n<p>Back in June, El Salvador <a href=\"https:\/\/www.dailywire.com\/news\/el-salvador-makes-history-becomes-first-country-to-make-bitcoin-legal-tender\">made history<\/a> as the country\u2019s legislature passed a law making Bitcoin legal tender in the Central American nation.<\/p>\n<p>\u201cThe designation allows bitcoin, the world\u2019s largest cryptocurrency by market value, to be used to pay taxes. Businesses would also be obligated to accept bitcoin for payment, though those without the ability to process those payments would be exempt, according to the bill. Converting bitcoin into other currencies will no longer be subject to capital-gains tax,\u201d&nbsp;<a href=\"https:\/\/www.wsj.com\/articles\/el-salvador-becomes-first-country-to-approve-bitcoin-as-legal-tender-11623234476#:~:text=El%20Salvador&#039;s%20legislative%20body%20passed,be%20used%20to%20pay%20taxes.\">The Wall Street Journal<\/a>&nbsp;explained at the time. \u201cTo allow the automatic convertibility of bitcoin to U.S. dollars, El Salvador\u2019s government said it would set up a trust at the Development Bank of El Salvador. The Latin American country, one of the region\u2019s poorest, has struggled over the years to manage its finances and has used the U.S. dollar as its official currency since 2001.\u201d<\/p>\n<p>According to El Salvador\u2019s government, the use of the cryptocurrency could fuel \u201cfinancial inclusion,\u201d with the bill noting that \u201c70% of its population doesn\u2019t have access to traditional financial services.\u201d<\/p>\n<p>The Bitcoin Law was supported by a \u201csupermajority\u201d in El Salvador\u2019s Congress, with the bill receiving 62 votes out of an available 84. President Nayib Bukele described the move as \u201cHistory!\u201d<\/p>\n<p>\u201cThe [Bitcoin Law] has been approved by a supermajority in the Salvadoran Congress,\u201d <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1402507224916836352\">tweeted<\/a> Bukele. \u201c62 out of 84 votes!\u201d<\/p>\n<p>\u201cThe purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,\u201d the law reads, as reported by <a href=\"https:\/\/www.cnbc.com\/2021\/06\/09\/el-salvador-proposes-law-to-make-bitcoin-legal-tender.html\">CNBC<\/a>, with the cryptocurrency\u2019s exchange rate with the U.S. dollar \u2014 El Salvador\u2019s official currency \u2014 being \u201cfreely established by the market.\u201d<\/p>\n<p>\u201cNecessary training and mechanisms so that the population can access bitcoin transactions\u201d would also be provided by the government.<\/p>\n<p>Despite falling from its record high of $68,990.90 in recent days, Bitcoin is still up more than 90% this year alone.<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a<a href=\"https:\/\/www.dailywire.com\/subscribe\"> member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Saturday, El Salvador\u2019s President Nayib Bukele announced plans to build the world\u2019s first \u201cBitcoin City.\u201d The city will have residential and commercial areas, restaurants, entertainment venues, and an airport, and will be funded initially by bitcoin-backed bonds.\u201cSpeaking at an event to mark the close of a week to promote bitcoin in El Salvador, Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT),\u201d reported Fox Business.\u201cWe\u2019ll start funding in 2022, the bonds will be available in 2022,\u201d Bukele said.\u201cInvest here and make all the money you want,\u201d Bukele told the crowd. \u201cThis is a fully ecological city that works and is energized by a volcano.\u201dSamson Mow, chief strategy officer of blockchain technology provider Blockstream, joined Bukele, and said that the country would issue a $1 billion bitcoin-backed bond which would spearhead funding for the building plans.Back in June, El Salvador made history as the country\u2019s legislature passed a law making Bitcoin legal tender in the Central American nation.\u201cThe designation allows bitcoin, the world\u2019s largest cryptocurrency by market value, to be used to pay taxes. Businesses would also be obligated to accept bitcoin for payment, though those without the ability to process those payments would be exempt, according to the bill. Converting bitcoin into other currencies will no longer be subject to capital-gains tax,\u201d\u00a0The Wall Street Journal\u00a0explained at the time. \u201cTo allow the automatic convertibility of bitcoin to U.S. dollars, El Salvador\u2019s government said it would set up a trust at the Development Bank of El Salvador. The Latin American country, one of the region\u2019s poorest, has struggled over the years to manage its finances and has used the U.S. dollar as its official currency since 2001.\u201dAccording to El Salvador\u2019s government, the use of the cryptocurrency could fuel \u201cfinancial inclusion,\u201d with the bill noting that \u201c70% of its population doesn\u2019t have access to traditional financial services.\u201dThe Bitcoin Law was supported by a \u201csupermajority\u201d in El Salvador\u2019s Congress, with the bill receiving 62 votes out of an available 84. President Nayib Bukele described the move as \u201cHistory!\u201d\u201cThe [Bitcoin Law] has been approved by a supermajority in the Salvadoran Congress,\u201d tweeted Bukele. \u201c62 out of 84 votes!\u201d\u201cThe purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,\u201d the law reads, as reported by CNBC, with the cryptocurrency\u2019s exchange rate with the U.S. dollar \u2014 El Salvador\u2019s official currency \u2014 being \u201cfreely established by the market.\u201d\u201cNecessary training and mechanisms so that the population can access bitcoin transactions\u201d would also be provided by the government.Despite falling from its record high of $68,990.90 in recent days, Bitcoin is still up more than 90% this year alone.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":77,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1051597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1051597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1051597"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1051597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1051597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1051597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1051597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}