Hassan Maishera
TL;DR
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El Salvador’s Bitcoin bonds have gained regulatory approval, making it the world’s first Bitcoin bonds.
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The bonds are expected to launch in the first quarter of 2024.
Bitcoin Bonds Gains Regulatory Approval in El Salvador
El Salvador’s Bitcoin bonds have gained regulatory approval and is now slated to launch in the first quarter of 2024. This is according to the country’s Bitcoin-focused office earlier today.
🚨BREAKING NEWS🚨
— The Bitcoin Office (@bitcoinofficesv) December 12, 2023
The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).
We anticipate the bond will be issued during the first quarter of 2024.
This is just the beginning for new capital markets on #Bitcoin in El Salvador.
🇸🇻🌋🚀
According to the announcement, the bonds will be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex. El Salvador’s National Bitcoin Office said,
“The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD). We anticipate the bond will be issued during the first quarter of 2024.”
President Nayib Bukele has been a champion of Bitcoin adoption in recent years. The country was the first to officially adopt Bitcoin as a legal tender, alongside the United States Dollar.
President Bukele confirmed the approval on X a few hours ago and reposted several posts that said the bonds would be issued in Q1 2024.
The Volcano bonds were first announced in 2021 by President Bukele shortly after Bitcoin was recognized as a legal tender in the country. The president intends to raise $1 billion via the BTC-backed bonds. The bonds were initially expected to be issued in March 2022 but were postponed several times.
This latest development comes a week after El Salvador launched its "Freedom VISA" program. El Salvador is issuing residency permits to a maximum of 1,000 people annually who invest at least $1 million worth of USDT or BTC.
