EL SALVADOR'S CRYPTO BONDS

EL SALVADOR TO ISSUE BITCOIN BACKED BONDS 

Published By Livemint | 25 Nov, 2022

 El Salvador is the first country in the world to adopt bitcoin as legal tender

 Now it is seeking congressional approval to issue investment bonds in the cryptocurrency

El Salvador received the bill aimed at regulating the offering of such bonds to local and foreign investors

The proposal comes after President announced he would launch "volcano bonds" to raise $1 billion 

These bonds will be raised for a "bitcoin city" project where a town will be built funded by bitcoin-backed bonds

Bonds are named after El Salvador's 170 volcanoes, which provide geothermal energy to support bitcoin mining projects

The newly proposed bill aims at creating the Bitcoin Fund Management Agency to oversee, safeguard and invest funds

So far, the Bukele administration has bought 2,392 bitcoins at a price of some $107 million