El Salvador plans 'Bitcoin City,' powered by crypto bonds and volcano

El Salvador is doubling down on its bet on Bitcoin (BTC-USD), detailing plans to build a modern Alexandria called "Bitcoin City." The metropolis would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a Bitcoin symbol from the air. Geothermal energy would be provided from the Conchagua volcano in south eastern El Salvador, while the city would not levy any taxes (property, income or capital gains) except for VAT. Flashback: In June, El Salvador passed a law making it the first country in the world to accept Bitcoin as legal tender, while the plan took effect in September with the launch of the Chivo Wallet, a government sponsored digital wallet designed to facilitate transactions. Despite the hype, dollars remain by far the main medium of exchange, as well as the currency coming into the country. In September and October, Salvadoreans abroad