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“It will have zero income tax forever, zero capital gains tax. Invest here and make all the money you want. We’re fine,” Bukele said.

This announcement closed “Bitcoin Week,” a large Bitcoin conference that drew hundreds of foreign investors. The tax-free, “techy,” and ecological Bitcoin City — the first of its kind — will be funded by Bitcoin bonds and powered by geothermal energy from a nearby volcano. Crypto mining, the process of creating new bitcoin through intensive cryptographic puzzles, is a notoriously energy-intensive process that has been criticized for increasing global emission rates in vulnerable areas.