El Salvador’s long-awaited Bitcoin bonds, also known as “Volcano Bonds”, have received regulatory approval and are scheduled for launch in early 2024.

El Salvador’s Digital Assets Commission gave the green light to Volcano Bond, according to a statement issued on December 11 by El Salvador’s National Bitcoin Office (ONBTC). This innovative financial instrument is expected to hit the market during the first quarter of 2024.

Nayib Bukele, the country’s pro-Bitcoin leader, apparently confirmed the news in his own post titled: “When the volcano bonds?”.

On January 11, El Salvador marked a milestone by passing landmark legislation that establishes the legal framework for the bond backed by Bitcoin. Volcano Bond is expected to play a crucial role in paying off sovereign debt and financing the construction of the country’s ambitious “Bitcoin City”.

ONBTC reported that the bond will be issued on the Bitfinex Securities Platform, a blockchain-based securities and bond trading site registered in El Salvador.

On another front, El Salvador has recently launched a billion-dollar Bitcoin mining project. This project will harness the country’s volcanic resources through a strategic partnership with Luxor Technology.

K. Tovar

Source: Cointelegraph

(Reference image source: X, @hispanopost)

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La entrada El Salvador’s bitcoin bonds were approved apareció primero en Bitfinance.