El Salvador Set To Introduce Bitcoin Volcano Bonds

November 23, 2022

El Salvador is now one step closer to issuing Bitcoin Volcano Bonds.

Months after declaring Bitcoin as a legal tender, a spokesperson for the El Salvador presidency late Tuesday released a copy of the 33-page legislation.

As per the regulation document available on National Assembly website, the now-tabled law talks about digital-assets commission and a Bitcoin Fund Management Agency to oversee crypto-related debt sales.

The new regulation would took the nation a step closer to raising $1 billion via the world’s first sovereign blockchain bond, Bloomberg claimed in its report.

It also separates crypto assets from all other assets and financial products.

It leaves no room for doubt: for a digital asset to fall under this categorization, it must use a distributed ledger or a similar technology.

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El Salvador President Nayib Bukele introduced the famous Bitcoin Law in Congress in June 2021.