Bitcoin-supported bonds from El Salvador approach after the green light for Digital Asset Bill has been given
Bitcoin-supported bonds from El Salvador approach after the green light for Digital Asset Bill has been given
el Salvador stood a tough year ago after making Bitcoin a legal means of payment in the country. But the state's legislative assembly voted for the adoption of a historical-digital asset issue law-which is expected to create the prerequisites for the issue of Bitcoin bonds of President Nayib Bukele, also known as Volcano Bonds.
El Salvador's Bitcoin bonds
In November 2021, President Bukele first presented the plan to spend bonds worth $ 1 billion on block streams Liquid Network, a federated Bitcoin-Sidechain. The edition of the bond has been delayed several times, partly due to the relentless baisse and the subsequent turbulence, which dropped the price of Bitcoin considerably down.The law on digital assets finally reached the legislative assembly in November 2022 and was adopted on January 11 of this year with Bukeles Nuevas Ideas - 62 MPs voted for it and 16 against it.
With the bond emission, half of the money would invest in Bitcoin, while the rest were used to set up the necessary infrastructure for the BTC industry. In addition, the bonds pay a return of 6.5 % and enable investors to be quick.
According to ONBTC by El Salvador, the legislation also marks the founding of the National Digital Assets Commission. This regulatory authority will have the task of implementing the securities law and protecting the rights of the buyers of digital assets and issuers in the country and preventing fraudulent companies from acting.
"The law sets another flag in history for El Salvador. Under President Bukele, El Salvador has not only become the safest country of Latin America, but also the country with the strongest protection of a person for economic freedom, sovereignty and prosperity."
tethers paolo ardoino called the event-a "great victory" In addition,
"El Salvador is on an amazing path and offers its citizens the best tools for freedom."
Start of the National Bitcoin Office (OnBTC)
The law follows the formation of the newly created "specialized administrative unit" National Bitcoin Office (OnBTC), which was founded in November 2022. As already reported, OnBTC is commissioned with "draft, diagnosis, planning, programming and coordination", tracking, measurement, analysis and evaluation of projects related to Bitcoin for the economic development of the country. "
In addition, the Bitfinex cryptocurrency exchange announced in a statement that it will be a technology provider for El Salvadors Volcano Token.
"We are watching this development with excitement, along with the rest of the Bitcoin community."
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