- The Digital Assets Commission has approved El Salvador’s bitcoin bond, known as the Volcano Bond.
- The Volcano Bond is a part of El Salvador’s mission of transforming the country into the world’s first Bitcoin city.
- President Nayib Bukele also confirmed the Volcano Bond’s regulatory approval via an X post.
The Volcano Bond, El Salvador’s long-anticipated Bitcoin bond, has acquired regulatory recognition from the Digital Assets Commission. The bond is expected to be launched in the first quarter of 2024, making it the world’s first Bitcoin Bond. The National Bitcoin Office (ONBTC) of El Salvador shared an official post on X asserting, “This is just the beginning for new capital markets on Bitcoin in El Salvador.”
The Volcano Bond is a part of the Central American country’s vision of building the world’s first “Bitcoin city”. Previously, President Nayib Bukele announced the launch of a $1 billion Bitcoin-backed bond in an attempt to promote the growth of Bitcoin mining in the country. The title “Volcano Bond ” comes from the country’s vision of building a BTC mining industry using renewable energy, particularly geothermal from El Salvador’s active volcanoes. Though the country initially proposed to issue the bond in March 2022, it was rescheduled several times.
Subsequent to ONBTC’s tweet, Nayeb Bukele also shared a post, confirming the approval of Volcano Bond, tweeting, “Wen volcano bond?”. He also reposted several tweets that talked about the imminent issuance of the Volcano Bond in 2024’s Q1. Reportedly, the Volcano Bond will be issued via Bitfinex Securities, a trading platform under Bitfinex, registered in El Salvador.
In related news, El Salvador announced an initiative known as the “Adopting El Salvador Freedom” program. The program intends to offer residency to individuals who are capable of contributing both economically and socially to the nation. As part of El Salvador’s vision of transforming the country into a technology hub, the unique proposal requires participants to donate at least $1 million in Bitcoin.
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