El Salvador Volcano Bond has been approved and will be launched in the first quarter of 2024! Will be issued through Bitfinex

In January this year, El Salvador’s Congress passed the “Digital Asset Issuance Law”, becoming the first country in the world to legalize Bitcoin. This law provides a legal basis for digital asset issuance and also lays the legal foundation for the $1 billion Bitcoin bond proposed by President Nayib Bukele as early as 2021. This move further paves the way for the issuance of "volcano bonds".

The bill also authorizes the government to establish CNAD, which is responsible for approving and supervising all publicly issued digital assets.

Volcano Bonds have received regulatory approval and will be launched in the first quarter of 2024

Today, the issuance of Volcano Bonds has made important progress. El Salvador’s National Bitcoin Office (ONBTC) announced that the $1 billion Volcano Bond has received regulatory approval from the Digital Assets Commission and is expected to be officially issued in the first quarter of 2024.

Will be issued through the Bitfinex platform

It is understood that Bitfinex will be responsible for issuing Bitcoin Volcano Bonds. The exchange has obtained the first digital asset license in El Salvador.

Bitfinex said the Volcano Bond is a bond that raises $1 billion in digital tokens to help the country repay its sovereign debt and be used for other purposes.

Support the use of natural resources and geothermal energy from the country's active volcanoes to conduct Bitcoin mining operations, thereby providing investors with abundant returns.

In order to promote the construction of Bitcoin City, this plan is a special economic zone proposed by the President of El Salvador in November 2021. Encourage Bitcoin businesses and entrepreneurs to set up offices and new companies in the country by providing tax incentives, a friendly regulatory environment, and building mining infrastructure.

El Salvador has launched a US$1 billion volcano mining plan

ONBTC announced today that volcano bonds will be issued on the Bitfinex Securities platform. The platform is a blockchain-based stock and bond trading platform registered in the country.

It is worth mentioning that in addition to supporting Bitcoin mining through volcano bonds, El Salvador also launched a mining project worth US$1 billion with developer Volcano Energy this year to create a national Bitcoin The goal of the mining pool is to squeeze into the top 15 mining farms in the world in terms of computing power. In addition to Tether, the leading stablecoin issuer USDT, participating in the first round of financing, mining company Luxor Technology also announced that it will cooperate with El Salvador to establish the country’s first lava Bitcoin mining pool.

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