Bitcoin Bonds Coming Soon to El Salvador After New Bill Passes

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El Salvador has taken a step forward by passing its digital securities bill. This will allow it to issue Bitcoin bonds.

El Salvador’s legislature approved a digital securities bill on Jan. 11, allowing the country to issue bonds based on bitcoin. The bill was first presented to parliament in November.

The bill did not pass unanimously, with 62 votes in favor of the bill. The Digital Securities Bill will establish the legal order that grants legal certainty to transfer operations with any title of digital assets that are used in the issuance of public offerings made in El Salvador.

Local media reports that the main purpose of the bill is to facilitate the issuance of probable volcanic bonds. Those who opposed the bill said that the bill did not respond to the population’s problems.

Among other actions, the bill calls for the creation of a National Digital Assets Commission to serve as a crypto regulator and market promoter. Perhaps most interestingly, the bill will create a Bitcoin fund administration agency. This will focus on the administration, safekeeping and investment of funds from public offerings of digital assets made by the Salvadoran state and the returns from said offerings.

Bitcoin (BTC) PriceBitcoin Bond Experience in Salvadores

El Salvador has always been in the headlines since switching to Bitcoin. It hasn’t always been positive, especially for President Nayib Bukele, but it has certainly garnered a lot of attention.

On the positive side, billionaire Tim Draper said the country’s investments in Bitcoin would make it one of the wealthiest nations in the world. Conversely, reports from last year indicated that most Salvadorans had abandoned their Chivo Bitcoin wallets.

The country has also pushed for Bitcoin education, teaching students about Bitcoin and how it works. Bukele promised to continue buying BTC, which could go both ways for the country.

President Bukele does not move on the position of Bitcoin

Bukele’s confidence in Bitcoin is so high that he plans to buy one BTC every day, dismissing any criticism from the media. He described a Bloomberg report that called his Bitcoin experiment a failure, full of lies.

The country has seen turmoil in recent months, but Bukeles’ approval rating remains quite high. In any case, he does not seem fazed by his financial experiments, and the country will continue to go against the current.

Disclaimer

BeInCrypto has reached out to a company or individual involved in the story for an official statement on recent developments, but has yet to receive a response.

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