El Salvador approves launch of Bitcoin volcano bonds for the first quarter of 2024

El Salvador approves launch of Bitcoin volcano bonds for the first quarter of 2024

El Salvador’s Bitcoin “volcanic bonds” will launch in early 2024 following reported regulatory approval.

The National Bitcoin Office (ONBTC) announced on December 11 that the bonds had received approval from the Digital Assets Commission of El Salvador, with a release planned for the first quarter of 2024.

The bonds, with a duration of ten years, offer an annual return of 6.5% to investors.

President Nayib Bukele, a strong supporter of Bitcoin, echoed this development in an

The initiative called “volcanic bonds” was presented by Bukele in November 2021, shortly after approving a law that recognized Bitcoin (BTC) as legal tender in the country.

These bonds aim to alleviate sovereign debt and finance the construction of the country’s proposed “Bitcoin City.”

The ONBTC also noted that the bond would be issued on the Bitfinex Securities Platform, a blockchain-based trading platform for stocks and bonds registered in El Salvador.

The introduction of these bonds marks an important step towards establishing Bitcoin-focused capital markets in the nation.

El Salvador recently embarked on a $1 billion Bitcoin mining venture, utilizing 241 megawatts of capacity powered by the country’s volcanic energy. This project is a collaboration with Luxor Technology and will be powered by the Conchagua volcano, which plays a central role in the country’s cryptocurrency mining activities.

Additionally, the country recently launched the “Freedom VISA” program, which offers residency to people who invest a minimum of $1 million in Bitcoin or Tether (USDT) stablecoins. This initiative has a limit of 1,000 people per year and represents another significant step in the adoption of digital currencies by El Salvador.

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