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Bitcoin Bonds: Invest in Bitcoin City

 


It took a long time. But now the legal framework is to be created that will make it possible to issue El Salvador’s, Bitcoin Bonds. Theoretically, nothing should stand in the way of the construction of the so-called Bitcoin City.


El Salvador's "Bitcoin City"

El Salvador's "Bitcoin Bonds" may soon no longer remain a long-awaited dream. Although the country is still in a crisis situation, Minister of Economy Maria Luisa Hayem Brevé recently presented a corresponding draft law, which should enable the construction of a Bitcoin City. A bond of around one billion US dollars is to be approved so that the government of the Central American state can provide sufficient investment capital for its construction project .


The bill is 33 pages long and was introduced on November 17, 2022. This notes that a new law should be created that regulates the legal framework for the issuance of bonds based on cryptocurrencies. El Salvador's politicians now have the task of formulating all the necessary prerequisites and obligations for the implementation of this law.


Delayed launch of “Volcano Bonds”

El Salvador's bitcoin bonds, better known as "volcano bonds," are not new. President Nayib Bukele promised the 2021 financial instrument for the first time. However, the nickname isn't based on a breakout experience. Rather, the Bitcoin City to be financed by the funds is to be built directly at the foot of the well-known Colchagua volcano. The fact that the project is only now picking up speed is probably due to the ongoing bear market. The planned start was in March 2022, which was postponed to September. Both appointments were unsuccessful.


Draft law as a Christmas present?

It is not yet clear when exactly the new draft law will be passed. Some sources show themselves optically and assume that the project will be implemented before Christmas. Bitcoins have been the official means of payment in El Salvador since September 7, 2021. Since then, the country has amassed 2,301 bitcoins with an estimated value of just under $103.9 million. The population of the Central American country, however, criticizes this approach in part strongly. Consequently, the planned construction of Bitcoin City should still provide a lot of material for discussion.

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