In the middle of the digital currency market downturn, El Salvador finally makes a key step to the realization of its aspiring “Bitcoin bonds” project. Maria Luisa Hayem Brevé, the Minister of the Economy recently introduced a bill confirming the plan of the nation’s government to raise a billion dollars and invest them into the construction of a “Bitcoin city.”
A thirty three-page digital securities bill, dated 17th November, urges lawmakers to create a legal framework using the digital currencies in public issuances by El Salvador. They should also consider all the requirements for this procedure and the obligations of issuers and digital asset providers.
The “volcano bonds” or “Bitcoin bonds” were introduced by the government of Nayib Bukele, last year. The original plan suggested issuing around a billion dollars of those bonds and allocating the raised funds to the establishment of a “Bitcoin city” at the base of the Colchagua volcano.
Subsequent to making Bitcoin a legal tender on 7th September last year, El Salvador accumulated more than twenty three hundred Bitcoins for approximately one hundred and four million dollars. During the crypto bull market, the profit from the investment was even used to set up schools and hospitals. Nonetheless, as the nation’s economy continues to struggle, around seventy seven percent of citizens prefer the Salvadoran government to cease spending public money on Bitcoin.
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