El Salvador to create 'Bitcoin City'

‘Bitcoin City’ will be located along the Gulf of Fonseca near a volcano. The government plans on locating a power plant by the volcano to provide energy for both the city and Bitcoin mining, the president said.

Bitcoin City will be a full-fledged metropolis with residential and commercial areas, restaurants, an airport as well as a port and rail service, as representatives said. The city will be laid out in a circle (like a coin) and in the city centre will be a plaza that will be host to a huge Bitcoin symbol. The city will have no income, property, capital gains or payroll taxes.