Salvador – New crypto law paving the way for ‘Volcano bonds’
For better or worse, El Salvador President Nayib Bukele took Bitcoin to another dimension in 2021. This is when it became an official currency for the first time in its short history. Some economists and politicians still refuse to recognize a status that they have the ability to deny the obvious.
Regardless, El Salvador continues its adventure against opposition and criticism. And the last step was officially voted by the legislature. With this adoption of a new law favorable to cryptocurrencies except Bitcoin alone. And more specifically, a legal framework to legally protect transfers and debt issues. Explanations…
Salvador – Legal framework for all cryptocurrencies
The information was publicly released on the official Twitter account Deputy Bukele. “El Salvador’s Legislature has just approved it by an overwhelming majority. new digital securities law“. Therefore, the text that opens the borders of this country to all altcoins, that is, “all digital assets that are not bitcoin. As well as those issued in bitcoin,” in the words of the National Bitcoin Office (ONBTC). But that’s not all…
” Today, El Salvador cements its first lead by passing landmark legislation that creates a legal framework for all non-bitcoin digital assets. As well as those issued in bitcoin. The law also paves the way for volcano bonds, which we will begin issuing soon”
“Historical legislation” presented as favorable to cryptocurrencies. Broadly speaking, the desire to protect transfers made using these digital currencies. To ensure this Unprecedented consumer security against bad actors in the crypto space. All are under the supervision of the National Commission for Digital Assets. The body responsible for enforcing this law and “protecting the rights of buyers as well as issuers of digital assets in El Salvador.”
El Salvador – 1 billion “volcano bonds”
But this “historical legislation” has another side. Because at the same time, the regulatory framework thus defined will allow El Salvador to issue its famous Bitcoin bonds. volcanic gardens “where” crypto bonds“. The process that started in November 2021 after the official announcement of the project in the boxes of Nayib Bukele of a Bitcoin City. The latter is financed by the issuance of billion-dollar bonds backed by the famous BTC bitcoin bonds.
” El Salvador is the epicenter of bitcoin adoption and thus economic freedom, financial sovereignty, censorship resistance, and non-confiscatable wealth. We will once again pave the way for this new monetary revolution when we issue the first volcano bonds.”
An approach that will once again make El Salvador a leading country in the field of cryptocurrencies. With the president Nayib Bukele, whose politics with a strong maximalist tone of Bitcoin is as much a question as it is fascinating in the ranks of the enthusiasts of this decentralized digital economy, as well as outside (but already the version of the fear of panic). Just one certainty for both enthusiasts and competitors: the history of this ecosystem is being written before our eyes…