The Bitcoin Office of El Salvador announces approval from regulators for the launch of the “Volcano Bond”, a bond based on Bitcoin.
El Salvador, another first with Bitcoin
🚨BREAKING NEWS🚨
The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).
We anticipate the bond will be issued during the first quarter of 2024.
This is just the beginning for new capital markets on #Bitcoin in El Salvador.
🇸🇻🌋🚀
— The Bitcoin Office (@bitcoinofficesv) December 12, 2023
Originally mooted in 2021, when the President of El Salvador Nayib Bukele had notably passed Bitcoin as legal tender in the country, Volcano Bond should finally see the light of day. Indeed, scheduled for launch in 2022, it was ultimately postponed several times. However, last January, a law allowing the launch of this Bitcoin bond has been approved.
It is in this context that “The National Bitcoin Office” (ONBTC) announced the upcoming launch of the “Volcano Bond” for the first quarter of 2024. Or just before the next halving of the parent crypto.
El Salvador is therefore establishing itself even more as the leader in the adoption of cryptocurrencies and mainly Bitcoin. The objective announced by the president himself is to be able to unblock more than $1 billion in Bitcoin. In addition, it will be available and registered on the secure exchange Bitfinex.
Will the Volcano Bond burst into the crypto industry?
FUN FACT: 🇸🇻 El Salvador mines #Bitcoin with 100% renewable energy from volcanoes 🌋 pic.twitter.com/qizHQUXm8A
— Bitcoin Magazine (@BitcoinMagazine) December 9, 2023
The name “Volcano Bond” is notably due to the judicious use of gas emissions from a volcano in El Salvador to provide energy for their Bitcoin miners. Indeed, Bitcoin miners have the possibility of using renewable energies on these types of sites, since they can be built anywhere and can be used at any time of the day.
Furthermore, El Salvador recently recorded a +$3 million in profits thanks to their reserve of more than 2700 Bitcoins.
🇸🇻 1.72% of the population of El Salvador holds #Bitcoin or approximately 109,175 out of 6.36 million inhabitants.
El Salvador was ranked 55th on the global cryptocurrency adoption index.
Despite continued efforts by the government of El Salvador to promote adoption… pic.twitter.com/uV1e6TPPll
— Goku 🗞 (@Crypto__Goku) December 10, 2023
Besides their growing Bitcoin communities and their Bitcoin city project, the adoption numbers do not yet spell victory. Indeed, the figures reveal that the global population is still far from having been conquered by technology. The country is particularly positioned in 55th place countries that have adopted the technology.
However, these Bitcoin bonds could restart the machine. Despite everything, the inhabitants of El Salvador continue to use cryptocurrencies. Moreover, these figures occur in the middle of a bear market.
Finally, the president also announced a brand new program for obtaining Visa to reside in the country. It offers the possibility of obtaining a Visa to people investing at least $1 million on BTC or USDT.
Source: CoinDesk
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