El Salvador’s Bitcoin ‘Volcano Bonds’ Receive Regulatory Green Light for 2024 Debut & Partnership with TETHER
El Salvador's long-anticipated Volcano Bonds, backed by Bitcoin and designed to settle sovereign debt and fund Bitcoin City's construction, have received regulatory approval. The Digital Assets Commission has given the green light, with a 2024 rollout planned.
Bitfinex Securities will host the bonds, which gained attention after El Salvador made Bitcoin legal tender in 2021. President Nayib Bukele emphasized the profitability of El Salvador's Bitcoin investment, with holdings now exceeding $130 million.
Initially set for a March 2022 launch, delays ensued, but approval came with the digital assets law passed in late 2022. These bonds aim to raise $1 billion, supporting a Bitcoin mining industry powered by renewable energy from volcanoes.
El Salvador also partnered with Tether for the "Adopting El Salvador Freedom Visa Program," offering residency to those investing a minimum of $1 million in Bitcoin or USDT stablecoins, with applicants submitting a $999 deposit.
These developments showcase El Salvador's ongoing commitment to embracing Bitcoin and its potential economic benefits.
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