Amid the crypto market downturn, El Salvador finally makes a decisive step to the realization of its ambitious “Bitcoin bonds” project.
The Minister of the Economy Maria Luisa Hayem Brevé introduced a bill confirming the government’s plan to raise $1 billion and invest them into the construction of a “Bitcoin city.”A 33-page digital securities bill, dated Nov.
17, urges lawmakers to create a legal framework using the digital asses in public issuances by El Salvador. They should also consider all the requirements for this procedure and the obligations of issuers and asset providers.
The “volcano bonds” or “Bitcoin bonds” were introduced by the government of Nayib Bukele back in 2021. The initial plan proposed issuing roughly $1 billion of those bonds and allocating the raised funds to the construction of a “Bitcoin city” at the base of the Colchagua volcano.Read more on cointelegraph.com