El Salvador’s much-anticipated Bitcoin bonds are moving closer to becoming a reality after getting regulatory approval for their issuance in early 2024. The country’s bitcoin-centric office, The National Bitcoin Office (ONBTC), announced this development on Tuesday.
These bonds are expected to be made available on Bitfinex Securities, which is the regulated arm of the cryptocurrency exchange Bitfinex.
President Nayib Bukele reportedly confirmed the green light for a project called “Volcano Bonds.” He made this announcement by asking, “Wen volcano bond?” on Tuesday and shared several posts indicating that the bonds would be issued in the first quarter of 2024.
The concept of “Volcano bonds” was introduced by President Bukele in 2021, shortly after El Salvador officially recognized bitcoin (BTC) as a legal currency. Bukele’s goal is to raise $1 billion through these bonds, which would support the development of a Bitcoin mining industry powered entirely by renewable energy, including that derived from the country’s active volcanoes.
Previously, El Salvador initiated its Bitcoin Investment Citizenship Program, granting residency to a maximum of 1,000 individuals each year who invest a minimum of $1 million in either Bitcoin or Tether (USDT) stablecoins.
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