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El Salvador’s ‘Volcano Bonds’: Regulatory Approval Paves Way for 2024 Issuance

Volcano Bonds

El Salvador’s strides towards the issuance of ‘Volcano Bonds’ take a significant leap as regulatory approval emerges for their launch in early 2024. The country’s Bitcoin-focused office confirmed the milestone, indicating the forthcoming availability of these bonds through Bitfinex Securities, a regulated division of Bitfinex.

Aligned with President Nayib Bukele’s 2021 announcement after legalizing Bitcoin, the aim was to raise $1 billion through ‘Volcano Bonds,’ fostering a Bitcoin mining sector reliant on renewable energy from the country’s active volcanoes. Despite delays from the initially planned March 2022 launch, the introduction of the digital assets bill in November 2022 gained momentum in the Legislative Assembly, where Bukele’s party, Nuevas Ideas, holds sway.

A significant legislative stride occurred with a favorable vote from 62 legislators for the digital assets bill, propelling its advancement. The bill, initially proposed in January 2021, signifies progress in the implementation of ‘Volcano Bonds’ and other cryptocurrency initiatives. El Salvador’s recent Bitcoin-centric move, the “Freedom VISA” program, offers residency to up to 1,000 individuals annually, provided they invest at least $1 million in Bitcoin or the stablecoin Tether (USDT).

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