A place with zero taxes, powered geothermally by a volcano and funded by bitcoin bonds. That is what La Unión, a small city in the eastern part of El Salvador, will become if President Nayib Bukele’s ambitious plan comes to fruition.
But nobody is holding their breath. After a buggy rollout of the Central American nation’s bitcoin wallet and delays to its “bitcoin bonds,” some are skeptical of the plans.
According to the outline presented by Bukele in November, Bitcoin City will include residential and commercial areas, restaurants, an airport as well as a port and rail service. With the city laid out in a circle (like a coin), the vision is for a crypto haven with no income, property or capital gains taxes.