Asian Tech Press (Nov 22) -- El Salvador reportedly intends to issue the world's first sovereign bitcoin bond, initially expected to be around $1 billion, and build the first "Bitcoin City".

The "Bitcoin City" will initially be financed by a bitcoin-backed bond, El Salvador's president Nayib Bukele said Saturday.

It will be located in the eastern region of La Union, and it is estimated that the infrastructure will cost about 300,000 bitcoins in public investment.

The only duty to be paid in the city will be a 10% value-added tax, half of which will fund bonds issued to build the city, and the other half will pay for services such as garbage collection, Bukele said.

In September, El Salvador became the first country in the world to adopt bitcoin as legal tender.

The Bitcoin City will be located in the city of La Union in the eastern region of El Salvador, and it is estimated that the infrastructure will cost about 300,000 bitcoins in public investment.

The only tax on the city will be a 10 percent value-added tax, half of which will fund bonds issued to build the city, and the other half will pay for services such as garbage collection, Bukler said.

In September, El Salvador became the first country in the world to adopt bitcoin as legal tender.