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El Salvador drafts 20 draft laws for the legal structure of Bitcoin bonds – funds for the construction of Bitcoin City, the purchase of BTC – regulation
El Salvador is preparing to introduce 20 bills to create a legal framework for its upcoming Bitcoin bonds. The funds raised will be used to build the infrastructure for Bitcoin City and purchase more Bitcoin, the Salvadoran government said. El Salvador Drafts Legal Framework for Bitcoin Bonds El Salvador's Finance Minister Alejandro Zelaya said in an interview on local television on Tuesday that his government will send about 20 bills to Congress regarding the country's Bitcoin bonds. The bills will cover financial markets and securities investments to provide a legal basis for the issuance of Bitcoin bonds, he explained and...
El Salvador drafts 20 draft laws for the legal structure of Bitcoin bonds – funds for the construction of Bitcoin City, the purchase of BTC – regulation
El Salvador is preparing to introduce 20 bills to create a legal framework for its upcoming Bitcoin bonds. The funds raised will be used to build the infrastructure for Bitcoin City and purchase more Bitcoin, the Salvadoran government said.
El Salvador is drafting a legal framework for Bitcoin bonds
El Salvador's Finance Minister Alejandro Zelaya said in an interview on local television Tuesday that his government will send about 20 bills to Congress for the country's Bitcoin bonds.
The bills will cover financial markets and securities investments to provide a legal basis for the issuance of Bitcoin bonds, he explained, adding that the legislation will provide a framework to cover relevant market regulation and the issuance of securities in crypto assets. The Finance Minister described:
(This is) to provide legal structure and legal certainty to anyone who purchases the Bitcoin bond.
The Salvadoran government stated that half of the funds from the Bitcoin bonds will be used to build infrastructure and the rest will be used to purchase Bitcoin.
El Salvador's President Nayib Bukele announced his plan to issue in November Bitcoin bonds worth $1 billion with a 6.5% coupon to finance the construction of Bitcoin City. The city is powered by a volcano and there are no taxes other than VAT, Bukele said.
The Bitcoin bonds are scheduled to be issued this year. Bukele predicted this week that it would be so oversubscribed. He also noted that construction of Bitcoin City is expected to begin this year.
El Salvador has passed a Bitcoin law that BTC became legal tender alongside the US dollar in September last year. Since then, the country has bought 1,391 Bitcoins.
What do you think about El Salvador planning to submit 20 bills to create a legal structure for Bitcoin bonds? Let us know in the comments section below.
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