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Bitcoin Volcano Bonds

El Salvador Sets Basis For Bitcoin Volcano Bonds With New Draft Law

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

The Bitcoin volcano bonds of the country of El Salvador have taken an major step towards issuance. After the project faced delays, a bill on digital securities has now been introduced by the Salvadoran Congress yesterday.

1 year ago (and a day) – I got a shout out from @nayibbukele on the Volcano Bond idea.

This is how you push back against the IMF and crooked Wall St banks, I believe.

Today the new securities bill that makes it possible has been submitted. #Bitcoin + #Bukele = 🇸🇻🚀 https://t.co/QMDXjcIQvf

— Max Keiser (@maxkeiser) November 23, 2022

El Salvador, the first country to adopt Bitcoin as legal tender, is thus paving the way for BTC-backed volcano bonds. President Najib Bukele announced the project, which aims to attract investors and capital to El Salvador, last November.

According to President Bukele’s plans, the BTC bonds, named after the mining operation’s energy source, the Conchagua volcano, will raise $1 billion.

Related Reading: El Salvador’s Bitcoin Law, 1-Year Anniversary: The Good, The Bad, And The Ugly

That billion will then be split in half. One half will be invested directly in BTC, while the other 500 million will be used to fund and build an energy and mining infrastructure as well as construct Bitcoin City.

Bitcoin City is expected to be a gigantic project that will primarily attract foreign investors. That the plans are not low-key is also shown by the wording that Bitcoin City is to become the “Singapore of the West.”

There will only be a value-added tax of 10 percent in the city. All other taxes will be omitted. Reliably sustainably produced energy is to be generated by the nearby volcano, which will not least serve Bitcoin mining.

Related Reading: Here’s What A Reg M Entails For Genesis, DCG And Bitcoin – ‘Drop Dead’ Date on Wednesday?

Bond buyers will receive a 6.5 percent return after five years and also the option of fast-tracked citizenship. Additional profits are to be split in half with investors as a Bitcoin dividend once the initial $500 million has been monetized.

When Bitcoin Volcano Bonds?

The bill, introduced in Salvadoran Congress yesterday, is intended to create government guidelines so that buyers of the bonds feel secure in purchasing them.

The new digital securities law has made its way to congress to enable the #VolcanoBonds. 🇸🇻🌋 pic.twitter.com/sICU8lBUTx

— Samson Mow (@Excellion) November 23, 2022

“Digital securities law will enable El Salvador to be the financial center of central and south America,” wrote Paolo Ardoino, CTO of Bitfinex.

While the bonds will be issued on Blockstream’s commercialized Liquid Network, iFinex, the parent company behind Bitfinex and Tether, will handle the transactions. Bitfinex is expected to obtain a license in El Salvador to do this issuance.

Dividend distributions are to be made annually through Blockstream’s asset management platform, according to the Salvadoran government.

The next step is for Salvador’s Congress to pass the law, with President Bukele’s Nuevas Ideas party holding a comfortable majority in the legislature. According to a source close to the government, the law is expected to be passed before Christmas.

The issuance of volcano bonds should be expected another two to three months later, Paolo Ardoino revealed in an earlier statement.

At press time, the Bitcoin continued its slight recovery. BTC was trading at $16,548, facing a major resistance zone above $15.600.

Bitcoin BTC USD_2022-11-23
Bitcoin price, 1-hour-chart. Source: TradingView
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.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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