El Salvador's highly anticipated Bitcoin bonds, also known as "Volcano Bonds," have received regulatory approval and are scheduled to launch in the first quarter of 2024.
El Salvador's highly anticipated Bitcoin bonds, also known as "Volcano Bonds," have received regulatory approval and are scheduled to launch in the first quarter of 2024. The approval for the Volcano Bond was granted by El Salvador's Digital Assets Commission, as confirmed by The National Bitcoin Office (ONBTC) of El Salvador on December 11.
El Salvador made history earlier this year when it passed legislation establishing the legal framework for the Bitcoin-backed bond on January 11. The Volcano Bond aims to address sovereign debt obligations and finance the development of El Salvador's proposed "Bitcoin City."
According to ONBTC, the bond will be issued on the Bitfinex Securities Platform, which is a registered trading site for blockchain-based equities and bonds in El Salvador.
El Salvador, known for its Bitcoin-friendly stance, has been actively pursuing initiatives to leverage the benefits of cryptocurrency. In addition to the Volcano Bonds, the country recently launched a $1 billion Bitcoin mining project, backed by Tether and in collaboration with Luxor Technology. This project aims to build a 241 MW generation park called "Volcano Energy" in Metapán to mine Bitcoin.
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