El Salvador Approves Bitcoin-Backed 'Volcano Bond' to Fund Bitcoin City Construction
-
El Salvador's Bitcoin-backed "Volcano Bond" received regulatory approval from the country's Digital Assets Commission on Dec. 11th.
-
The bond is expected to launch in Q1 2024 and be issued on the Bitfinex Securities Platform.
-
The 10-year bond will pay 6.5% annual return to holders.
-
Proceeds will help pay down sovereign debt and fund construction of proposed "Bitcoin City".
-
The bond taps into the country's volcanic resources to power Bitcoin mining operations.