El Salvador’s Bitcoin bonds set to launch after gaining regulatory nod News ▸ El Salvador ▸ Bitcoin ▸ Crypto
El Salvador’s Bitcoin bonds set to launch after gaining regulatory nod
The Central American country's newly launched Bitcoin visa program also reportedly attracted $153 million within a week.
2 min read
Updated: Dec. 12, 2023 at 10:55 am UTC
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El Salvador’s highly-anticipated Bitcoin bonds have received regulatory approval to launch next year, according to a Dec. 12 post on social media platform X by the Central American country’s National Bitcoin Office (ONBTC).
“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,” ONBTC wrote.
President Nayib Bukele recently commenced a six-month leave for his reelection campaign and posted a cryptic message on social media asking, “Wen volcano bond?” He also shared multiple posts suggesting that these bonds might be issued in the first quarter of the upcoming year.
ONBTC outlined the bond as a significant step toward initiating new Bitcoin-focused capital markets within the country. Additionally, they highlighted that Bitfinex Security, an El Salvador-registered securities platform, will oversee the bond’s trading activities.
El Salvador has devoted nearly two years to developing its Bitcoin bonds, culminating in passing legislation earlier this year. This bond is slated to have a ten-year duration, offering investors an anticipated annual return of approximately 6.5%.
Visa programs rake in over $150M in a week.
El Salvador’s newly launched Bitcoin visa program has reportedly attracted $153 million in investments within a week of its launch, according to Max Keiser, a senior BTC adviser to President Bukele.
On Dec. 8, El Salvador collaborated with Tether to introduce the Freedom Visa Program. This initiative encourages Bitcoin investors to gain citizenship by investing up to $1 million in BTC or USDT stablecoin in the country.
The program offers a unique annual opportunity for 1,000 individuals to participate in the nation’s Bitcoin-driven economic revival. If successful, the program would help the country raise as much as $1 billion annually.
Meanwhile, this step aligns with El Salvador’s reputation as one of the world’s most pro-Bitcoin jurisdictions, having adopted the flagship cryptocurrency as legal tender in 2021. Several crypto firms, such as Binance, and key industry stakeholders have praised the country’s supportive crypto regulations.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.