• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
Bitcoin

Bitcoin Alive: El Salvador Passes Landmark Legislation For All Cryptocurrencies

Christian Encila
by Christian Encila
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

El Salvador continues its massive embrace of bitcoin by passing a bill that paves the path for the creation of a legal structure for all cryptocurrencies.

The legislative framework for a Bitcoin-backed bond, known as the “Volcano Bond,” will be used to reduce government debt and support the establishment of a planned “Bitcoin City” in the country.

The National Bitcoin Office of El Salvador (ONBTC) tweeted the news on January 11, stating that the law had been passed on Thursday.

Exactly one year after the unveiling of the plan, El Salvador’s Minister of the Economy Maria Luisa Hayem Brevé proposed the measure as the next step towards achieving this goal.

The nation is now a significant step closer to bringing the crypto bonds into existence as a result of the approval.

BitcoinEl Salvador President Nayib Bukele with the laser eyes. Image from Nayib Bukele Twitter

El Salvador’s Ambitious Bitcoin Program

El Salvador became the first nation to make bitcoin legal tender in September 2021, mandating that all business establishments accept the cryptocurrency.

As part of the deployment, government-issued digital wallets containing $30 worth of Bitcoin were made available to Salvadorans.

Taxes may be paid in BTC in accordance with the law, and businesses must accept crypto unless they are technologically unable to do so.

El Salvador’s president, Nayib Bukele, is a true believer in crypto. He has advocated for Bitcoin’s acceptance as a means of bringing more Salvadorans into the formal economy, one-third of whom do not have bank accounts.

Related Reading: Metropolitan Bank, One Of The Pioneer Lenders To Enter Crypto, Is Leaving The Business

Bitcoin city

Cover art/illustration via CryptoSlate

The volcano descriptor for the bonds stems from the site of Bitcoin City, which is slated to become a renewable crypto-mining hub fuelled by hydrothermal power from the adjacent Conchagua volcano.

One of the objectives of the bond issuance would be to invest 50% of the funds in cryptocurrencies and the remaining 50% in the infrastructure required to expand the digital currency sector in the Central American nation.

Crypto Bond Package: Citizenship In El Salvador

The tokenized bonds would be denominated in U.S. dollars, have a 10-year maturity date, and earn an interest of 6.5%, based on the initial plan. The bonds should also allow investors to get citizenship in the country.

The ONBTC noted that the passage of this digital securities act provides “consumer protection against rogue actors in the ‘crypto’ area, while also firmly establishing that we are open for business to all those who choose to create the future with us on bitcoin.”

BTC total market cap at $348 billion on the daily chart | Chart: TradingView.com
Related Reading: Shiba Inu Takes No. 2 Spot In Most Secure Crypto Projects – A Boost For SHIB Price?

As of writing, Bitcoin is trading at $18,113, up 7.5% in the last seven days, data from Coingecko show.

Chart: Coingecko

The legalization of crypto placed El Salvador on the world’s financial map. This new law advances the goals of Bukele by laying the groundwork for a new Bitcoin-based global digital securities framework.

Meanwhile, Bitfinex reports that El Salvador’s Bitcoin City would be a special economic zone similar to those in China, which would provide tax incentives, crypto-friendly rules, and other incentives for crypto enterprises among its people.

-Featured image by Reuters

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitcoin

Corporate Bitcoin Allocation Climbs As Companies Invest 22% Of Profits: Study

10 hours ago
Bitcoin

Bitcoin Payments Now Accepted By Top UAE Developer For Real Estate

1 day ago
cours-or-nouveau-record-chute-btc

Record de l’or et chute du Bitcoin : que se passe-t-il ?

2 days ago
Metaplanet

Metaplanet Pushes Bitcoin Holdings Over $2 Billion With New Purchase

3 days ago
Bitcoin

Bitcoin Mining Can’t Keep Up: Companies Buying At Quadruple Pace – Report

3 days ago
Bitcoin

Bitcoin Treasury Race Heats Up As Dutch Firm Shoots For $23-M Launch

4 days ago

Premium Sponsors

Press Releases

  • miner

    ADA’s path to long-term success: Integrating with...

    6 hours ago
  • Bitget and Bitget Wallet Support Trading of Over 100...

    8 hours ago
  • miner

    XRP Price From a High of $3.65 to a Low of $2.72: How GMO...

    11 hours ago
  • miner

    7 Trending Crypto Mining Apps This Year That Give Free...

    13 hours ago
  • mining

    6 Most Reliable Crypto Mining Software to Help Miners...

    14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.