The Digital Assets Commission has approved El Salvador’s Bitcoin bond, known as the Volcano Bond. Volcano Bond is part of El Salvador’s mission to transform the country into the world’s first Bitcoin city. President Nayib Bukele also enthusiastically shared the regulatory approval of Volcano Bond.
El Salvador is preparing to issue Bitcoin bonds!
As you follow from Kriptokoin.com, El Salvador has been considering issuing Bitcoin bonds for a long time. Those plans moved closer to reality after it received regulatory approval for issuance in early 2024, the country’s Bitcoin-focused office said on Tuesday. The bonds will be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex. El Salvador’s National Bitcoin Office shared the following statement from its official X account:
Volcano Bond has received regulatory approval from the Commission on Digital Assets (CNAD). We estimate that the bond will be issued in the first quarter of 2024.
https://twitter.com/bitcoinofficesv/status/1734366450616336622
Nayeb Bukele: What volcano bond?
Following ONBTC’s tweet, Nayib Bukele also shared a post confirming that Volcano Bond had been approved. Bukele, “Wen volcano bond?” he tweeted. He also reposted several tweets that mentioned the upcoming release of Volcano Bond in the first quarter of 2024.
https://twitter.com/nayibbukele/status/1734378704518750656
On the subject, El Salvador announced an initiative known as the “Embracing El Salvador Freedom” program. The program aims to offer residence opportunities to individuals who will contribute to the country both economically and socially. As part of El Salvador’s vision to transform the country into a tech hub, the unique offer requires participants to donate at least $1 million in BTC.
The president of Bitcoin country has big dreams!
He announced “Volcano bonds” in 2021, shortly after President Nayib Bukele passed a law recognizing Bitcoin (BTC) as legal tender in the country. Bukele’s goal is to raise $1 billion through Bitcoin-backed bonds. Additionally, Bukele aims to establish a Bitcoin mining industry based solely on renewable energy, including that produced by the country’s active volcanoes.
El Salvador had originally planned the issuance for March 2022. However, he had to postpone it several times. However, the digital assets bill finally came to the Legislative Assembly at the end of November 2022, where Bukele’s party, Nuevas Ideas, has a large majority. Sixty-two legislators voted for the legislation today. On the other hand, 16 voted against it. Thus, the parliament finally passed the law. This development was the second major Bitcoin-focused move in the last few weeks. Previously, El Salvador launched the “Freedom VISA” program, which grants residence permits to up to 1,000 people per year who invest at least $1 million worth of BTC or Tether (USDT) stablecoins.
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