Putting an end to the wait for the widely anticipated Bitcoin Volcano Bonds, El Salvador’s regulators have granted permission for issuance of the bonds in early 2024.
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Date Set For Bitcoin Bonds Issue
Stacking up on its Bitcoin-friendly reputation, the El Salvador government is continuing to provide approvals for crypto related businesses. In a latest, El Salvador’s Bitcoin Volcano Bonds are set to be officially released in the first quarter of 2024. According to reports, the Digital Assets Commission (CNAD) gave regulatory approval for the Volcano Bond. The CNAD is a government agency that looks after the regulation and supervision of the digital assets ecosystem in El Salvador.
The country’s president Nayib Bukele tweeted,
Wen volcano bond? 🥺
— Nayib Bukele (@nayibbukele) December 12, 2023
It remains to be seen if the Bonds have a uniform timeframe like one year or would be available for trade just like any other cryptocurrencies. The Latin American country first floated the idea of Bitcoin Volcano Bonds in early 2024, when CoinGape reported that the country’s administration envisions a dream to build the Bitcoin City. At the time, it was reported that a crypto exchange would issue the ‘Volcano’ tokens, which are originally bonds issued through blockchain.
What Are Bitcoin Volcano Bonds
Ever since making Bitcoin legal tender, El Salvador took an aggressive approach aiming at leveraging Bitcoin volatility. The administration had originally planned to raise around $1 billion via the Volcano bonds, half of which would go towards building the tax-free Bitcoin City and the other half for investing in BTC.
In a latest, president Bukele unveiled a new residency program aimed at high net worth individuals, which offers citizenship to those who can bring in substantial investments in BTC or the USDT stablecoin. This is a citizenship by investment initiative called as the “El Salvador Freedom Visa Program” that offers citizenship to a maximum of 1,000 people.
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