El Salvador plans to build world’s first ‘Bitcoin City’ backed by bitcoin bonds

  • El Salvador’s President Nayib Bukele speaks during a ceremony to lay the first stone of Chivo Vet, a veterinary hospital financed with the gains El Salvador has obtained from its bitcoin operations, in Antiguo Cuscatlan, El Salvador November 1, 2021.
  • Speaking alongside Bukele, Samson Mow, chief strategy officer of blockchain technology provider Blockstream, said El Salvador would initially issue a $1 billion bond backed by bitcoin to begin raising funds for the planned city.
  • El Salvador in September became the first country in the world to adopt bitcoin as legal tender.
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