El Salvador Bitcoin city planned at base of Conchagua volcano

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The image caption is.

The President announced the plans to a loud crowd.

The president of El Salvadoran has announced that the country will build a city with a currency called Cryptocurrencies at the base of a volcano.

The city will be circular to represent the shape of a large coin, and will be built in the south-eastern region of La Unin, according to the president.

The site would be able to use the Conchagua volcano's energy to power its mining operations.

The first country to use legal tender with digital currency was El Salvador.

Large-scale protests took place over fears of inflation and instability due to the move.

The planned new city would include everything, said Mr Bukele to a crowd at a promotional event in the coastal town of Mizata late on Saturday.

The 40-year-old said that there were residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail, and everything devoted toBitcoin.

The president, who wore a baseball cap backwards, said that there would be no income taxes in the city.

He said that half of the revenue would be used to build up the city and the other half would be used to keep the streets clean.

Using sophisticated computers, mining cryptocurrencies is done. It takes up a lot of energy.

The city will cost around 300,000 Bitcoins, but Mr. Bukele did not give a time frame for construction or completion.

The price of one Bitcoins is just under $60,000.

In September, the virtual currency was introduced as a legal tender.

The government gave away $30 in digital currency to every citizen. There were more than 200 new cash machines installed.

The measure was presented as a way to boost economic development and jobs, but El Salvadorans were not sold on it.

Businesses are now obliged to accept digital coins as payment.

Over the past year, the value of the currency has risen and fallen.

The caption is media.

How do cryptocurrencies work?

There is a virtual currency called the "Bitcoin."
It's El Salvador.
It is a form of money called cryptocurrencies.
The person is Nayib Bukele.