Amazon Quiz (January 17, 2022): Which Central American country plans to create the world’s first city that will run on crypto currency?
El Salvador
Guatemala
Costa Rica
Panama
Answer: El Salvador
In December 2021, El Salvador President Nayib Bukele announced that his government will build an oceanside “Bitcoin City” at the base of a volcano.
The Bitcoin City will be built near the Conchagua volcano to take advantage of geothermal energy to power both the city and Bitcoin mining — the energy-intensive solving of complex mathematical calculations day and night to verify currency transactions.
The government will provide land and infrastructure and work to attract investors.
The only tax collected there will be the value-added tax, half of which will be used to pay the municipal bonds and the rest for municipal infrastructure and maintenance.
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