El Salvador’s long-planned Bitcoin bond is now closer to reality after receiving regulatory approval for issuance in early 2024, the country’s Bitcoin specialized office announced on December 12th.

The bonds will be offered through Bitfinex Securities, the securities arm of the cryptocurrency exchange Bitfinex.

“Volcano Bonds has received approval from the National Commission for Digital Assets (CNAD),” El Salvador’s National Bitcoin Office posted on X. “We expect the bonds to be issued during the first quarter of 2024.”

BREAKING NEWS

The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).

We anticipate the bond will be issued during the first quarter of 2024.

This is just the beginning for new capital markets on #Bitcoin in El Salvador.

— The Bitcoin Office (@bitcoinofficesv) December 12, 2023

President Nayib Bukele asked on the 12th, “When will we have a volcano bond?”Post itsome posts say the bonds will be issued in Q1 2024.repostIt seems that the approval has been confirmed.

The so-called “volcano bonds” were announced shortly after President Bukele passed a law recognizing Bitcoin (BTC) as legal tender in 2021.

President Bukele’s goal is to raise $1 billion (approximately 145 billion yen, equivalent to 145 yen = 1 dollar) through Bitcoin-backed bonds and rely solely on renewable energy, including energy generated from the country’s active volcanoes. It was to sow the seeds of the Bitcoin mining industry.

Publication was originally scheduled for March 2022, but was postponed several times. However, the digital assets bill was finally submitted to Congress, where Bukele’s ruling Nuevas Ideas party has a majority, at the end of November 2022. The bill was passed with 62 votes in favor and 16 votes against, and finally became law.

This move is the second major move focused on Bitcoin. Prior to this, El Salvador launched the “Freedom VISA” program. This will grant residency to up to 1,000 people a year who invest $1 million worth of Bitcoin or the stablecoin Tether (USDT).

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: World’s First Bitcoin Bonds Receive Regulatory Approval in El Salvador