It has been suggested in multiple tweets on social network X by President Nayib Bukele that the bonds will launch in the first quarter of 2024.
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According to a post made on Tuesday by the nation’s Bitcoin-focused office, El Salvador’s long-planned Bitcoin bonds have gotten a little bit closer to reality after seemingly obtaining regulatory approval for an early 2024 issuance.
The bonds will be made available on Bitfinex Securities, a licensed branch of Bitfinex, a cryptocurrency exchange.
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The National Bitcoin Office of El Salvador announced on its X account that “The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).” “We expect the bond to be issued in 2024 in the first quarter.”
Apparently confirming the permission on X, President Nayib Bukele posted “Wen volcano bond?” early on Tuesday and reposted other postings indicating the bonds would be issued in Q1 2024.
President Nayib Bukele introduced the so-called “Volcano bonds” in 2021, not long after he signed a bill designating bitcoin (BTC) as legal cash in the nation.
With the help of the bitcoin-backed bonds, Bukele hoped to earn $1 billion, which would launch a bitcoin mining business that would only use green energy sources, such as the nation’s active volcanoes.
Originally scheduled for March 2022, issuance was repeatedly delayed. Nevertheless, at the end of November 2022, the digital assets law was eventually introduced in the Legislative Assembly, which is presided over by Bukele’s party, Nuevas Ideas.
After 62 lawmakers voted in favor of the bill and 16 against it today, the legislation was ultimately passed in January 2021.
This is the second significant swing centered around bitcoin in as many weeks. Previously, El Salvador launched its “Freedom VISA” program, awarding residency to up to 1,000 individuals every year who invest a minimum of $1 million in bitcoin or USDT stablecoins.
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