‘Worthy of a Bond villain’: the bizarre history of libertarian attempts to create independent cities
Late last year, El Salvador’s president Nayib Bukele announced plans to build “Bitcoin City” – a tax-free territory in the country’s east.
The city will use the cryptocurrency and be powered by the nearby Conchuagua volcano. According to Bukele, there will be: Residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail [..] [but] no income tax, zero property tax, no contract tax, zero city tax and zero CO2 emissions.
Whether or not Bitcoin City eventuates, it joins a long and bizarre history of libertarian-inspired attempts to start independent cities and countries.
The generous financial incentives in Bitcoin City are aimed at encouraging foreign investment. However, the plan has quickly been derided by finance commentators as something “worthy of a Bond villain”.
