El Salvador, the first and so far the only country in the world to accept bitcoin as legal tender, continues to move in the right direction. country parliament passed a lawwhich will provide the possibility of issuing and raising funds using bitcoin bonds.
#Plenaria90✍🏻 Con 62 votos a favor, creamos la Ley de Emision de Activos Digitales. pic.twitter.com/g1poXwLoH3
— Asamblea Legislativa 🇸🇻 (@AsambleaSV) January 11, 2023
The bill, passed on January 11 with 62 votes in favor and 16 against, must be ratified by President Nayib Bukele. The Bitcoin State Office (ONBTC), which coordinates all local projects related to the first cryptocurrency, informedthat the issuance of bitcoin bonds will begin soon.
3/ El Salvador is the epicenter of Bitcoin adoption, and thus, economic freedom, financial sovereignty, censorship resistance & unconfiscatable wealth.
When we issue the first of the volcano bonds, we will once again be blazing the path forward for this new monetary revolution.
— The Bitcoin Office (@bitcoinofficesv) January 11, 2023
El Salvador’s plans to issue bitcoin bonds were made public last year. Bukele at the beginning of January 2022 said that the government of the country had prepared 20 bills regarding the issuance of bitcoin bonds.
The $1 billion Bitcoin bonds (Volcano Bonds) were partly to be used to fund the Bitcoin City initiative. The city of the future will be located along the Gulf of Fonseca next to the volcano. The power station built on the volcano will provide electricity to both the city itself and the mining enterprise for the extraction of the first cryptocurrency.
Initially, the Salvadoran government was going to issue bonds between March 15 and 20, 2022, but the issue was delayed by almost a year due to unfavorable macroeconomic conditions. It was planned to convert $500 million into bitcoins, and spend the remaining $500 million on infrastructure for mining the first cryptocurrency and building Bitcoin City. Investors could hold bonds for at least five years, receiving dividends (6.5% per annum).
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