CURRENT AFFAIRS

Detailed explanation-1: -World’s first Bitcoin city planned in El Salvador, to be backed by Bitcoin bonds and powered by a volcano.

Detailed explanation-2: -El Salvador To Build World’s 1st “Bitcoin City” With Money From $1 Billion Bitcoin-Backed Bond.

Detailed explanation-3: -The proposed city, which is in the shape of a coin (also known as a circle), is supposed to sit between the Gulf of Fonseca and the Conchagua volcano. The pitch is to power both the city and Bitcoin mining with the volcano’s geothermal energy, although the timing of the release was perhaps unfortunate.

Detailed explanation-4: -El Salvador is the only other country that officially uses bitcoin as legal tender in the world.