El Salvador continues to focus on bitcoin. Next up is the issuance of bonds.
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El Salvador's Congress passed a digital securities law that will allow the country to issue Bitcoin-backed bonds, also known as Volcano Bonds.
The Legislative Assembly of El Salvador approved the bill by 62 votes to 16 on January 11. The bill will become law after it is ratified by President Bukele.
President Naib Bukele originally announced the Bitcoin-backed bonds in November 2021, as well as intentions to create the world's first "Bitcoin City" - with residential neighborhoods, retail space, museums, an airport, etc., and even in coin shape.
The government also plans to raise another $500 million set aside to buy bitcoin, with any rise in the digital currency eventually being passed on to bondholders.
Enthusiasm. bordering on insanity? El Salvador has already lost about $60 million by converting the budget into bitcoins at a purchase price of about $43k per coin, and the issue of bonds could further undermine the already unstable budget of the country. Let's see, maybe in 10 years everyone will gnaw their elbows. and the inhabitants of El Salvador - to have the highest standard of living on the planet)
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