Volcanic eruption for Bitcoin – After doing for the first time Bitcoin (BTC) a legal tender currency on September 7, 2021, the salvador enters history once again in this month of January 2023. This Wednesday, January 11, the Salvadoran Assembly has, in fact, adopted a new law which will allow the issuance of the highly anticipated volcano leaps. Renowned Volcano Tokenthis brand new type of government bond will be established on bitcoins.
El Salvador Passes Digital Asset Issuance Law
It has already been over a year and a half (June 2021) that the Legislative Assembly of salvador followed the president Nayib Bukele on his proposal to make Bitcoin the national currency of the country. The small Central American nation is now passing a new historic milestone, which will facilitate even more adoption and integration cryptocurrencies within its economy.
On January 11, 2023, the Salvadoran Assembly thus adopted by a large majority – 62 votes against 16 –the new “Ley de Emission de Activos Digitales”. Or, in the language of Molière, the ” Digital Assets Issuance Act “.
As Bitfinex mentions on its blog, this new regulatory framework was the first step to take in order to issue the famous volcano leaps (who will have been desired since their initial announcement). Those government bonds will be the first in the world to be based on a crypto-asset, in this case Bitcoin.
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Bitcoin Volcano tokens, ready to explode?
Before coming back to Volcano bonds, let us point out that this law also covers all types of cryptocurrencies. Altcoins, stablecoins, non-fungible tokens (NFTs), security tokens : this law gives them a regulatory and legal framework clear. The dream of any player in the cryptosphere, whether for individuals or companies.
Regarding Volcano Token – because yes, it will be his final name – his show will have three goals principals: reimbursing the debt sovereignty of the country, build an infrastructure of bitcoin miningand finance the construction of Bitcoin City.
The target amount to be raised is $1 billion. This, for compensate for loan refusal (of the same amount) of International Monetary Fund (IMF), which wanted to sanction the adoption of Bitcoin by El Salvador. But now, as the tweet below points out, Volcano tokens are not more than a signature ratification of the law by President Nayib Bukele.
Signature which should arrive shortly, since it is the office of the presidency which transmitted and submitted this text bill on the issuance of digital assets to the Assembly, in November 2022. If these Volcano tokens really see the light of day in El Salvador, the earthquake promises to be planetary, especially in the small world of government bonds. And, supranational bodies like the IMF risk not be happynot at all.
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