David Edwards
El Salvador is getting closer to launching its long-awaited Bitcoin bonds, slated for early 2024, following recent regulatory approval. This update was shared by the country’s National Bitcoin Office on Tuesday.
These bonds will be available on Bitfinex Securities, a division of the crypto exchange Bitfinex.
The National Bitcoin Office announced, “The Volcano Bond has just been greenlit by the Digital Assets Commission (CNAD). We’re looking at a release in the first quarter of 2024.”
President Nayib Bukele also seemed to confirm this news, hinting at the bond’s imminent launch in an early Tuesday post and sharing multiple messages indicating a Q1 2024 release.
Termed “Volcano bonds,” this initiative was first unveiled in 2021 by President Bukele. It followed his move to declare Bitcoin (BTC) as legal tender in El Salvador. The goal of these Bitcoin-backed bonds is to generate $1 billion, funding a Bitcoin mining industry powered by renewable energy, including El Salvador’s active volcanoes.
Originally scheduled for March 2022, the bond’s issuance faced several delays. However, progress was made when the digital assets bill was presented to the Legislative Assembly in November 2022. Here, Bukele’s party, Nuevas Ideas, holds a significant majority. The bill received 62 votes in favor and 16 against, finally passing in January 2021.
This move marks El Salvador’s second significant Bitcoin-related initiative in recent weeks. Previously, the country launched its “Freedom VISA” program, offering residency to up to 1,000 individuals annually who invest a minimum of $1 million in Bitcoin or tether (USDT) stablecoins.
