El Salvador Plans the First Bitcoin City Of the World

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El Salvador Plans the First Bitcoin City Of the World
22 Nov 2021
4 min read

News Synopsis

The fever of bitcoin is rising above the businessman's head these days. Due to this, El Salvador, the smallest country in Central America, is now preparing to create the world's first "bitcoin city", after recognizing bitcoin as the official currency. The country's President Nayib Bukele has said that the country is planning to start funding for the project in 2022. Not only this, no tax of any kind will be levied except value-added tax (VAT) in the purchase and sale of bitcoins. On the one side where the world is adopting the use of Cryptocurrency, it still remains a concern in India. The Government of India is considering amending the income law to bring the earnings-related to Cryptocurrency under the preview of tax.

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