El Salvador has received regulatory approval for its Volcano Bitcoin bonds, which aim to raise $1 billion from investors. These bonds are supported by the country’s Bitcoin mining industry, which utilizes renewable volcanic energy. The funds raised will be used to construct the highly anticipated “Bitcoin City.”
The bonds are set to be issued in the first quarter of 2024 and will be listed on the Bitfinex Securities platform, regulated by Kazakhstan and El Salvador. This development marks the beginning of new capital markets based on Bitcoin in the country, according to the National Bitcoin Office.
El Salvador first introduced the concept of these bonds in 2021 after recognizing Bitcoin as legal tender. The launch was initially planned for March 2022 but was postponed due to the bear market. However, with the passage of digital assets legislation in November 2022, the way has been paved for these bonds, which offer a ten-year term and a 6.5% annual return to holders.
In addition to the Bitcoin bonds, El Salvador has also introduced a Freedom Visa and Citizenship program called the “Adopting El Salvador Freedom Visa Program.” This program offers a pathway to Salvadoran citizenship for individuals willing to invest $1 million in Bitcoin or the stablecoin USDT.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇸🇻 🇰🇿 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | None |
| Companies | None, Bitcoin City, Bitfinex Securities, Digital Assets Commission (CNAD), National Bitcoin Office (ONBTC) |
| Currencies | Bitcoin |
| Securities | None |
