El Salvador, a nation already distinguished by adopting bitcoin, has achieved another milestone in the cryptocurrency space. The nation's Volcano Bond, an integral part of its plan to establish the world's first bitcoin city, has received regulatory approval from the Digital Assets Commission (CNAD).
This development was confirmed by President Nayib Bukele in a social media post, indicating a big step forward in the country's cryptocentric vision.
A vision of a future powered by bitcoin
The El Salvador Volcano Bond, scheduled to launch in the first quarter of 2024, marks a historic moment as the world's inaugural btc bond. The National bitcoin Office (ONBTC) of El Salvador shared its enthusiasm on social media and noted:
This is just the beginning of new bitcoin capital markets in El Salvador.
The link, bitcoin-bond-2021-11-22/” target=”_blank” rel=”noopener nofollow”>derivative of the country's initiative to harness geothermal energy from its active volcanoes for btc mining, aims to raise $1 billion to boost this project.
Initially scheduled for issuance in March 2022, the bond's launch has been delayed several times, but recent regulatory approval has set the stage for its imminent issuance in 2024.
The bond will be issued through Bitfinex Securities, a securities trading platform registered in El Salvador, symbolizing the integration of the country's cryptocurrencies into its national economic framework.
BREAKING NEWS
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 of new capital markets in bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>#bitcoin in El Salvador.
— The bitcoin Office (@bitcoinofficesv) December 12, 2023
El Salvador's Economic Uplift
Notably, the development of Volcano Bond's regulatory approval coincides with El Salvador's recent success in attracting significant investments in bitcoin through its “Adopting the Freedom of El Salvador” program. A prominent btc advocate, Max Keiser, revealed that the program has already received applications from 153 people, each of whom pledged $1 million in btc or USDT.
This influx of funds, totaling $153 million if all applications are approved, represents a substantial economic boost for El Salvador, providing capital for national development projects and further cementing its position as a pioneer in the global crypto landscape.
So far 153 people have registered. There are 153,000,000 dollars in donations for the #BukeleMilagro in #The Savior. https://t.co/n97s1yMGS7 https://t.co/NIms2mHYLt
—Max Keizer (@maxkeiser) December 10, 2023
The entry of btc into El Salvador's economy through these initiatives has the potential to create a domino effect of benefits. It could increase foreign investment, improve the country's technological infrastructure, and potentially position El Salvador as a key player in the global crypto economy.
Additionally, this measure aligns with El Salvador Vice President Félix Ulloa's vision of leveraging btc to attract fresh capital and tourists to El Salvador and link its national debt to the cryptocurrency.
Featured image from Unsplash, chart from TradingView