• El Salvador has voted to pass a bill that would pave the way for President Nayib Bukele’s bitcoin bond issuance.
• The bonds would be issued on Blockstream’s Liquid Network sidechain and invest half of the money into bitcoin and the other half into infrastructure necessary to build out the bitcoin industry in El Salvador.
• This new law is seen as an important milestone by Bitcoin educator and advocate Max Keiser, who believes it establishes a foundation for a new global, digital securities layer built on Bitcoin.
El Salvador Passes Bill to Issue President Nayib Bukele’s Bitcoin Bonds
El Salvador has voted to pass a bill which paves the way for President Nayib Bukele’s bitcoin bonds. The bond issuance would be done via Blockstream’s Liquid Network sidechain with funds split between investments in bitcoin and infrastructure necessary to build out the country’s bitcoin industry.
Details of Bond Issuance
The announced plan entails $1 billion in bonds yielding 6.5%, giving investors a fast-track to obtain citizenship in El Salvador. In response to today’s vote passing this bill, El Salvador’s Bitcoin Office released a statement noting that it “paves the way for the volcano bonds which we will soon begin issuing”.
Significance of This Milestone
Max Keiser, a major proponent of El Salvador’s adoption of bitcoin since the process began, believes that this is one of the most important milestones yet as it “establishes a foundation for a new global, digital securities layer built on Bitcoin”.
Background On El Savador Embracing Bitcoin
In September 2021, El Savador made history by becoming the first nation in the world to make bitcoin legal tender—putting them on the global financial map. This latest move further solidifies their dedication towards creating an innovative economy centered around cryptocurrency and blockchain technology.
Today marks an exciting moment not just for El Savador but also for all countries looking towards cryptocurrency innovation as they consider their own economic policies going forward. With this vote passing legislation enabling President Nayib Bukele’s bitcoin bond issuance, there is no doubt that more nations will soon follow suit in allowing citizens access to these revolutionary financial tools backed by blockchain technology.