El Salvador to build cryptocurrency-fuelled Bitcoin City

A Bitcoin symbol is presented on an LED screen during the closing ceremony of a congress for cryptocurrency investors in El Salvador (Salvador Melendez/AP)

El Salvador president Nayib Bukele has announced that his government will build an oceanside Bitcoin City at the base of a volcano.

Mr Bukele used a gathering of Bitcoin enthusiasts to launch his latest idea, much as he used an earlier Bitcoin conference in Miami to announce in a video message that El Salvador would be the first country to make the cryptocurrency legal tender.