El Salvador's Bitcoin Bond: Set for 2024 Debut After Clearing Hurdles

• El Salvador Set to Launch Bitcoin Volcano Bond
• Regulatory Approval for the Bitcoin Bond
• Confirmation from President Nayib Bukele
• Path Cleared for Bitcoin Bond Issuance
• Issuing Platform for the Bond
• Bitcoin and El Salvador's Future
• Final Preparations for the Volcano Bond

El Salvador Set to Launch Bitcoin Volcano Bond

El Salvador's innovative Bitcoin$42,260 -0.64% bond offering, known as Volcano Bond, is set to debut in early 2024 following recent regulatory approval. This announcement is the latest development in the country's proactive approach towards Bitcoin.

Regulatory Approval for the Bitcoin Bond

On December 11th, El Salvador's National Bitcoin Office (ONBTC) announced that the nation's Digital Assets Commission (CNAD) had given the go-ahead for the Volcano Bond. The bond, which was first announced in 2021, is expected to be launched during the first quarter of 2024.

Confirmation from President Nayib Bukele

President Nayib Bukele, a known advocate for Bitcoin, echoed the news in a somewhat elusive social media post posing the question, Wen volcano bond?

Path Cleared for Bitcoin Bond Issuance

Despite initial doubts due to delays, there is now strong optimism that the Bitcoin bond will become a reality. With all legal obstacles removed and a trusted platform secured for the bond offering, El Salvador appears ready to make history with its adoption of cryptocurrency.

Issuing Platform for the Bond

ONBTC has revealed that the Volcano Bond will be offered through Bitfinex Securities, the regulated digital asset investment branch of the major crypto exchange Bitfinex. The bond's objective is to raise $1 billion for the development of Bitcoin City, a planned center for Bitcoin mining and adoption in El Salvador.

Bitcoin and El Salvador's Future

The Volcano Bond signifies a progressive move in the country's Bitcoin experiment. El Salvador has recently started using its volcanoes' geothermal energy to power Bitcoin mining. The government, led by President Bukele, hopes that this eco-friendly mining initiative will bring about lasting economic benefits, notwithstanding the fluctuations of the cryptocurrency market.

Final Preparations for the Volcano Bond

With all the regulatory hurdles out of the way, ONBTC is now able to complete the final preparations for the Volcano Bond's market launch next year.

Edited by Jonathan Stoker