El Salvador plans to build the world's first "Bitcoin City" at the base of a volcano, with the cryptocurrency used to fund the project, its president has announced.
The city will be circular to represent the shape of a large coin and will be built in the south-eastern region of La Unión, President Nayib Bukele said.
The site would take advantage of the Conchagua volcano's geothermal energy to power Bitcoin mining and not levy any taxes except for value added tax (VAT).
El Salvador recently became the first country to use Bitcoin as legal tender.
Source: www.bbc.com
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