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Speaking at an event to mark the close of a week to promote bitcoin in El Salvador, Bukele said the city planned in the east of the country would get its energy supply from a volcano and would not levy any taxes except for value added tax (VAT).

"We'll start funding in 2022, the bonds will be available in 2022," Bukele told a cheering crowd at the event.

Speaking alongside Bukele, Samson Mow, chief strategy officer of blockchain technology provider Blockstream, said El Salvador would initially issue a $1 billion bond backed by bitcoin to begin raising funds for the planned city.

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

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