Legal framework for BTC bonds in preparation2 min read
BTC is becoming increasingly important in El Salvador. One Reuters report According to Congress, there are around twenty bills for the issue of BTC bonds. Finance Minister Alejandro Zelaya said that the government wanted to create a regulatory framework on the one hand. In addition, the aim is to legally cover the issue of securities in crypto currencies. El Salvador had already announced in November that it would issue BTC bonds.
Meanwhile, El Salvador’s President Nayib Bukele spoke out on twitter very euphoric about the further BTC prospects. He predicts for 2022:
BTC will hit $ 100k, two more countries will adopt it as legal tender, it will become a major campaign topic in this year’s US elections, BTC City will begin construction, the Vulkan bonds will be oversubscribed, and a big surprise in the process @TheBitcoinConf is imminent.
Volcano Bond is said to help with BTC City
Zelaya announced that the first BTC bond is planned for this year. It will be valued at $ 1 billion and a coupon of 6.5 percent. With the loan, Bukele wants to withdraw his plan from the BTC City support, which he mentions in his tweet. Correspondingly, this bond is also called Volcano Bond the speech. Because one of the features of BTC City is said to be the use of geothermal energy generated by a volcano for mining.
Half the money from the Volcano Bond benefits the development of the infrastructure. The remainder will be used to buy more BTC, which El Salvador wants to make a profit with, according to the government. However, Zelaya did not say when exactly the law will de facto come into effect.
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