El Salvador’s Bitcoin Bonds Set to Launch in Early 2024
El Salvador’s long-awaited Bitcoin bonds, also known as “Volcano Bonds,” have received regulatory approval and are expected to launch in the first quarter of 2024. The approval came from El Salvador’s Digital Assets Commission, according to a statement from The National Bitcoin Office (ONBTC) of El Salvador.
Confirmation from the Country’s Pro-Bitcoin Leader
The news was seemingly confirmed by El Salvador’s pro-Bitcoin leader, Nayib Bukele, in a tweet where he asked about the “volcano bond.”
Bitcoin City Funding and Sovereign Debt Payment
The Volcano Bond is part of El Salvador’s efforts to pay down sovereign debt and finance the construction of its proposed “Bitcoin City.” The bond will be issued on the Bitfinex Securities Platform, a registered trading site for blockchain-based equities and bonds in El Salvador.
Bitcoin Mining Project and Volcanic Resources
In addition to the Bitcoin bonds, El Salvador has recently launched a $1 billion Bitcoin mining project that utilizes the country’s volcanic resources through a partnership with Luxor Technology.
Hot Take: A Major Step for Bitcoin Adoption in El Salvador
The approval of El Salvador’s Bitcoin bonds marks a significant milestone in the country’s embrace of cryptocurrencies. It demonstrates their commitment to leveraging digital assets for economic growth and development. By integrating Bitcoin into their financial infrastructure and utilizing volcanic resources for mining, El Salvador is positioning itself as a global leader in the crypto space.
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