El Salvador’s Bitcoin “Volcano Bonds” Approved for Launch in 2024
The National Bitcoin Office (ONBTC) of El Salvador has announced that the country’s Digital Assets Commission (CNAD) has given regulatory approval for the issuance of Bitcoin “Volcano Bonds.” These bonds, which were first announced by President Nayib Bukele in November 2021, will be the first of their kind in the world. Originally scheduled for launch in early 2022, the bonds were delayed indefinitely due to a decrease in Bitcoin’s price.
The ONBTC has confirmed that the bonds will be traded on Bitfinex Securities. This development comes shortly after El Salvador introduced its “Freedom Visa Program,” which allows high-net-worth individuals to obtain a passport by investing $1 million worth of BTC or USDT.
President Bukele, a strong supporter of Bitcoin, has emphasized that El Salvador has no plans to sell its Bitcoin holdings despite price fluctuations. With over $130 million worth of BTC, the country recognizes Bitcoin as legal tender.
Hot Take: El Salvador Continues to Lead in Crypto Adoption
El Salvador’s approval of Bitcoin “Volcano Bonds” highlights the country’s commitment to crypto adoption. By creating innovative financial instruments like these bonds and introducing programs such as the “Freedom Visa,” El Salvador is positioning itself as a leader in the crypto space. President Bukele’s unwavering support for Bitcoin demonstrates his belief in its long-term potential. As other countries watch these developments, they may be inspired to explore similar initiatives and embrace cryptocurrencies as well. El Salvador’s progressive approach to digital assets sets an example for the rest of the world.
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