El Salvador’s Legislature approves a landmark digital securities bill, opening the way for bitcoin bonds

The country’s legislative body has completed the next step towards the issuance of El Salvador’s bitcoin bonds.Author:BtcCaseyPublish date:Jan 11, 2023The country’s legislative body has completed the next step towards the issuance of El Salvador’s bitcoin bonds.El Salvador has voted to pass a bill which paves the way for the issuing of President Nayib Bukele’s bitcoin bonds. The plan, announced in November 2021 would see El Salvador issue $1 billion worth of bonds on Blockstream’s Liquid Network. This is a federated Bitcoin sidechain. The bond issuance was intended to allow El Salvador to issue $1 billion in bonds on Blockstream’s Liquid Network, a federated Bitcoin sidechain. Half of the money would be invested into bitcoin and the rest into infrastructure to support the Central American bitcoin industry. According to the statement made at the time, the bonds would yield 6.5% and allow investors to fast track their application for citizenship. Maria Luisa Hayem Brv, El Salvador’s Minister for the Economy, introduced the bill today. This was exactly one year after the plan was announced. The next step towards implementing this plan is to bring it before the country’s legislative assembly. Today’s approval means that the country is closer to making the bitcoin bond a reality. El Salvador’s Bitcoin Office issued a statement in response to today’s vote. It stated, “Today El Salvador builds upon our first-mover advantage by adopting landmark legislation establishing a legal structure for all digital assets other than bitcoin. The law also opens the door to volcano bonds, which we will soon be issuing. Max Keiser, a Bitcoin advocate and educator who has been a major advocate for El Salvador’s adoption, stated that he believes this is “one of the most important milestones.” El Salvador’s legalization of Bitcoin in September 2021 placed it on the international financial map. This law supports President Bukele’s mission by creating a foundation for a global digital securities layer based on Bitcoin. Tagsterms:Bitcoin Bondel salvadorRegulation