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The president of the Central American country of El Salvador, Nayib Bukele, has announced plans to build the world's first "Bitcoin city," a city that will be exempt from income, property and capital gains taxes.

Nayib Bukele said the "Bitcoin City" will be built near the Conchagua volcano, using geothermal energy to provide energy for bitcoin mining. The city will not be taxed other than a 10 percent value-added tax, he said.

El Salvador also reportedly plans to issue $1 billion worth of 10-year bonds through the Liquid Network in 2022, with a yield of 6.5%.