LatinNews Daily - 05 January 2022

In brief: El Salvador confirms plans to issue bitcoin bonds

* El Salvador’s Finance Minister Alejandro Zelaya has said that the government led by President Nayib Bukele, which last year implemented legislation making the cryptocurrency bitcoin legal tender in El Salvador, plans to issue US$1bn of bitcoin bonds “between February and March of this year”. Last year the government announced plans to issue ‘bitcoin bonds’ to finance the construction of the first ‘Bitcoin City’ in El Salvador, in La Unión department, to take advantage of energy from the Conchagua volcano. At the time Bukele said that the new city would obtain geothermal power from the volcano and not levy any taxes except for value-added tax (VAT). He said that half of revenue from VAT would be used to fund bonds that the government plans to issue to build the city, and the other half would pay for municipal services.

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