According to a statement from the Salvadoran National Bitcoin Office (ONBTC) on December 11, the highly anticipated Bitcoin bond in El Salvador, also known as the “Volcano Bond,” has been approved by the Salvadoran Digital Assets Council and is expected to be launched in the first quarter of 2024.
Salvadoran President Nayib Bukele, who is also a supporter of Bitcoin, reposted the relevant news on social media platforms, confirming the approval of the Volcano Bond.
According to a previous report by Zombit, Salvadoran President Nayib Bukele proposed in 2021 to issue a $1 billion Bitcoin bond, with plans to use the funds raised to build the world’s first “Bitcoin City” near an active volcano in El Salvador and create Bitcoin mining facilities powered by geothermal energy. However, the launch of the bond has been delayed multiple times.
After several months of deliberation and the drafting of over 20 bills, the Salvadoran Legislative Assembly approved a new law in January of this year regarding the issuance of digital assets. This law provides legal certainty for the public issuance and transfer of digital assets in El Salvador, laying the legal foundation for the Bitcoin Volcano Bond. Finally, it has recently been approved by the Salvadoran Digital Assets Council and is authorized to be issued in the first quarter of 2024.