In Brief:
- El Salvador is set to march ahead with their plans of issuing Bitcoin bonds.
- The nation drafted 20 bills to send to the Congress to establish the legal framework.
- El Salvador’s participation in traditional finance would not be troubled by the issuance of Bitcoin bonds.
El Salvador is all set to march ahead with their plans of issuing Bitcoin bonds. It is by drafting 20 bills to send to the Congress to establish a legal framework for the bonds.
Alejandro Zelaya, Head of the Treasury, told local news El Mundo that the bills will address regulations regarding issuing securities as cryptocurrency in order to guarantee the viability of Bitcoin bonds.
Zelaya did not give a timeline for submitting the legislation to lawmakers. He just added that ” “[This is] to provide a legal structure and legal certainty to everyone who buys the Bitcoin bond.”
President Nayib Bukule’s Bitcoin City proposal would be funded with the $1 billion Bitcoin bond. Blockstream’s Liquid Network is expected to issue the bonds, which will be processed by iFinex.
El Salvador’s participation in traditional finance would not be hampered by the issuance of Bitcoin bonds. “We are not going to abandon the traditional market,” Zelaya declared.
Nayib Bukele’s El Salvador is the first country to accept Bitcoin as a legal tender. Recently he tweeted that Bitcoin will reach $100k and the Bitcoin city will start construction.
