The Digital Assets Commission of El Salvador has granted authorization for the issuance of these bonds, which will be available on the Bitfinex Securities platform. As a blockchain-based platform for trading stocks and bonds, Bitfinex Securities is registered in El Salvador.
In a significant move made on January 11, El Salvador approved a law that establishes the legal framework for Bitcoin-denominated bonds. Over the past year, around 20 bills were introduced in the country’s Congress to ensure the legitimacy of the Volcano Bonds. These bonds aim to pay off national debt and fund the development of Bitcoin City, a sustainable center powered by geothermal energy sourced from a volcano.
Recently, El Salvador embarked on a $1 billion Bitcoin mining project in collaboration with Tether and Luxor Technology. This initiative involves the establishment of a 241 MW generating park named “Volcano Energy” in Metapane, utilizing the resources of the Conchagua volcano.
At the beginning of December, former President Nayib Bukele of El Salvador reaffirmed the decision to adopt Bitcoin as legal tender in the country before leaving office.