El Salvador's Long-Awaited Bitcoin 'Volcano' Bonds Get Regulatory Green Light, On Track for 2024 Issuance
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El Salvador's planned Bitcoin bonds, called "volcano bonds", have received regulatory approval and are expected to be issued in Q1 2024.
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The bonds will be issued on the Bitfinex Securities Platform.
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The bonds were originally announced in 2021 after Bitcoin became legal tender, with plans to issue $1 billion to fund Bitcoin City and mining infrastructure.
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Issuance was delayed several times due to market volatility and other global economic issues. Legislation passed in January 2023 paved the way.
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El Salvador continues to embrace Bitcoin, through visa programs for crypto investors and accumulating Bitcoin reserves, despite friction with the IMF.