Regulatory Approval Secured
El Salvador's highly anticipated Bitcoin bonds, commonly referred to as "Volcano Bonds," have received regulatory approval. The National Bitcoin Office (ONBTC) of El Salvador announced on December 11 that the Volcano Bond has been approved by the country's Digital Assets Commission. This exciting development paves the way for the launch of the bonds in the first quarter of 2024.
Confirmation from El Salvador's Pro-Bitcoin Leader
Nayib Bukele, the pro-Bitcoin leader of El Salvador, also hinted at the approval of the Volcano Bond in a social media post. With the caption "Wen volcano bond," Bukele's post seemingly confirmed the news, adding to the anticipation surrounding this groundbreaking financial instrument.
Bond Purpose and Issuance
El Salvador passed landmark legislation in January 2021, establishing the legal framework for the Bitcoin-backed bond. The Volcano Bond aims to address sovereign debt and finance the construction of the country's ambitious "Bitcoin City" project. The bond will be issued on the Bitfinex Securities Platform, a registered trading site for blockchain-based equities and bonds in El Salvador.
Bitcoin Mining Project and Partnership
In addition to the Volcano Bond, El Salvador has recently embarked on a major Bitcoin mining project valued at $1 billion. This initiative will harness the country's volcanic resources through a partnership with Luxor Technology. The project further demonstrates El Salvador's commitment to embracing cryptocurrency and leveraging its unique natural assets.
Stay Tuned for Updates
This is a developing story, and more information will be provided as it becomes available. The launch of El Salvador's Volcano Bond marks a significant milestone in the intersection of cryptocurrency and traditional finance, and its success could have far-reaching implications.
