An important step has been taken that will pave the way for the “volcanic bonds” that El Salvador plans to issue in March, but which has been consistently delayed. The digital securities bill in the country has been submitted to Congress. Declaring Bitcoin as the first official currency in the world, El Salvador presented the digital securities bill to Congress that will pave the way for the volcanic bonds project announced in November last year. While Maria Luisa, the country’s finance minister, brought the bill to Congress, the bill will be put to a vote before Christmas, according to Bitcoin Magazine. As it is known, these investment vehicles, which have an annual return of 6.5% and are also known as volcano bonds, will enable the process to run quickly for those who want to obtain El Salvador citizenship.
The bond issuance will be done by the Bitfinex exchange. “The digital securities law will enable El Salvador to become the financial center of both South and Central America,” Ardoino, the exchange’s technology manager, said on Twitter.
The Bitcoin bonds project, announced by President Nayib Bukele at the Bitcoin organization held in El Salvador in November last year, aims to issue $1 billion in bonds. While $ 500 million of the bonds to be issued on the Liquid Network will be invested directly in Bitcoin, the other half will be spent on the Bitcoin mining infrastructure in the region. The Bitcoin city project will also be financed in this way.