El Salvador’s Bitcoin-backed Bonds
El Salvador’s plan to issue Bitcoin-backed bonds, known as Volcano Bonds, has received approval from the nation’s Digital Assets Commission. The bonds will be used to pay sovereign debt and fund the construction of Bitcoin City. The program is expected to launch in the first quarter of 2024.
Availability on Bitfinex Securities
The National Bitcoin Office (ONBTC) announced that the Volcano Bonds will be available on Bitfinex Securities, a regulated segment of the crypto exchange Bitfinex.
Goal to Raise $1 Billion
The Volcano Bonds were introduced by El Salvador’s President Bukele in 2021 to raise $1 billion. These bonds aim to support the development of a BTC mining industry powered by renewable energy, including energy from the country’s active volcanoes.
Partnership with Tether for Visa Program
The El Salvador government has partnered with stablecoin issuer Tether to introduce the “Adopting El Salvador Freedom Visa Program.” This program grants residency to individuals who invest a minimum of $1 million in either Bitcoin or USDT stablecoins. Applicants must submit a non-refundable deposit of $999 and undergo KYC verification.
Hot Take: El Salvador’s Bitcoin-backed Bonds Move Closer to Reality
El Salvador’s Bitcoin-backed bonds, also known as Volcano Bonds, have received approval from the nation’s Digital Assets Commission. These bonds aim to raise $1 billion to support the development of a BTC mining industry powered by renewable energy. The bonds will be available on Bitfinex Securities. Additionally, El Salvador’s partnership with Tether introduces a visa program that grants residency to individuals who invest in Bitcoin or USDT stablecoins. This program further contributes to the nation’s advancement. The launch of Volcano Bonds in early 2024 signifies a significant step towards El Salvador’s goal of leveraging Bitcoin for economic growth and innovation.
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