INDIA, Nov. 23 -- Bitcoin fever is picking up, as El Salvador has announced plans to build the world's first "Bitcoin City". Interestingly, this city will also be funded initially by bitcoin-backed bonds. The announcement was made by the country's President, Nayib Bukele, at an event to promote cryptocurrencies in El Salvador, reports Reuters.

As per the report, the city is planned in the eastern region of La Union and would be powered by geothermal energy from a nearby volcano. Speaking to the media, he said: "Invest here and make all the money you want... This is a fully ecological city that works and is energized by a volcano."

THE WORLD'S FIRST BITCOIN CITY!Further, he announced that the city will also not see any taxes, except for...