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World’s First Bitcoin Bonds Approved For Launch In El Salvador Early Next Year

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El Salvador
El Salvador

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El Salvador will issue the world’s first Bitcoin bonds in the first quarter of next year after approval was granted by the nation’s Digital Assets Commission.

The National Bitcoin Office (ONBTC) confirmed the approval on X, saying the launch will pave the way for a new capital market based on Bitcoin in El Salvador.

Pro-Bitcoin President Nayib Bukele also corroborated the news, saying, “wen volcano bond.” The bonds, which Bitfinex Securities will offer, will run for ten years and pay a 6.5% annual return.

Bitcoin Bonds Proceeds To Fund “Bitcoin City”

President Bukele first disclosed the Bitcoin bonds in 2021 after the country adopted Bitcoin as a legal tender.

He planned for the bonds to raise $1 billion, which will finance the construction of a “Bitcoin City” powered by the country’s active volcanoes.

The bond issuance was initially slated for March 2022 before being postponed. In November 2022, a digital assets bill tabled at the Legislative Assembly paved the way for the product.

El Salvador is already tapping its volcanic resources to mine Bitcoin. The country partnered with Luxor Technology to set up a 241-megawatt Bitcoin mining project valued at $1 billion.

News of the bond launch plan comes after El Salvador last week announced a Freedom Visa program targeting crypto investors that pour at least $1 million into Bitcoin or USDT in the country.

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