Did you think paying with Bitcoin was just a dream idea? Now it has become a reality in one city. El Salvador became the first country where cryptocurrency was accepted as legal tender. The president of the country enacted the payment in this way on September 7.
"Bitcoin week" was held in El Salvador on September 20, where the president presented his plans to build the entire Bitcoin-based city. "Bitcoin city" will be located along the Gulf of Fonseca near the volcano. The city will become a metropolis with business areas, restaurants, an airport, and a port or rail transport. Bitcoin city will be arranged in the shape of a circle similar to a coin and in the center of the city, there will be a square where a huge bitcoin symbol will be placed. Future residents will be able to take advantage of the city's new benefits and thus be tax-free. The only tax that residents will have to pay is 10% VAT. In Bitcoin city, no other tax will be paid at all, which means that no tax will be paid on income, capital gains, real estate, wages, municipal and emissions.
A number of cryptocurrency-oriented companies are to help build the city. If you had a vision of the crypto world only in your dreams, you can now see that it is already becoming a reality. If you like the vision of the crypto world and you would like to live in such conditions and perhaps do not want to pay taxes, the city of El Salvador will be the right choice for you. And if you don't want to go to El Salvador right now, it's possible that more crypto cities will be built soon, where you can pay with your favorite currency - Bitcoin.
