Authored by Tim Hakki via Decrypt.co,

In brief

El Salvador president Nayib Bukele announced plans to build a "Bitcoin city" in eastern El Salvador.

Initial funding for the project will be met through the issuance of billion-dollar Bitcoin-backed bonds in 2022.

The city will be entirely powered by local geothermal energy.

Nayib Bukele, the Bitcoin-friendly president of El Salvador, said at a Bitcoin investment summit on Saturday that his country plans to build the first "Bitcoin City". 

The city will be located in the eastern department La Unión, between the municipalities of La Unión and Conchagua.