The closed meeting between Prime Minister Milojko Spajić and JAN3 CEO Samson Mow discussed potential solutions to overcome this barrier. Mow proposed the issuance of “hydrobonds,” which would be repaid in bitcoins. The proceeds from the sale of these bonds could then fund the construction of a dedicated cryptocurrency mining facility. Such a move by Montenegro could potentially inspire neighboring country Serbia to follow suit. Serbia’s Crown Prince Filip Karađorđević has shown support for Bitcoin, describing it as “hard money” immune to inflation and even suggesting blockchain education for local children.
This strategy mirrors that of El Salvador, which is set to launch Volcano Bonds backed by Bitcoin in early 2024. These bonds will be utilized to pay off sovereign debt and finance the Bitcoin City center, powered by geothermal energy sourced from a volcano.