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El Salvador to Launch ‘Volcano Bonds’ for Bitcoin Ventures in 2024

Altszn.com by Altszn.com
December 12, 2023
in Metaverse, Web3
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El Salvador to Launch ‘Volcano Bonds’ for Bitcoin Ventures in 2024
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by Nik Asti

Published: December 12, 2023 at 1:55 am Updated: December 12, 2023 at 2:00 am

by Victor Dey

Edited and fact-checked:
December 12, 2023 at 1:55 am

To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read original article for precise information.

In Brief

El Salvador’s approval of the ‘Volcano Bonds,’ set to launch in 2024, marks a step in the country’s Bitcoin strategy.

El Salvador to Launch 'Volcano Bonds' for Bitcoin Ventures in 2024

El Salvador’s innovative Bitcoin bonds, famously dubbed “Volcano Bonds,” cleared regulatory hurdles and are now set to launch in early 2024.

The country’s Digital Assets Commission granted approval on December 11, paving the way for a first-quarter issuance next year.

Initially proposed in November 2021, the Volcano Bonds have been a subject of considerable anticipation in El Salvador. The National Bitcoin Office (ONBTC) confirmed the planned Q1 2024 launch, aligning with President’s enthusiastic updates on the project.

🚨BREAKING NEWS🚨

The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).

We anticipate the bond will be issued during the first quarter of 2024.

This is just the beginning for new capital markets on #Bitcoin in El Salvador.

🇸🇻🌋🚀

— The Bitcoin Office (@bitcoinofficesv) December 12, 2023

Strategic Goals of El Salvador Bond

The Volcano Bond, a part of El Salvador’s pioneering move to adopt Bitcoin, aims to reduce sovereign debt and finance the development of the proposed “Bitcoin City.” This initiative reflects the country’s commitment to integrating Bitcoin into its financial and developmental strategies.

ONBTC announced plans to issue the bond on the Bitfinex Securities Platform, a blockchain-based trading site registered in El Salvador. This move signifies the country’s efforts to establish Bitcoin-based capital markets.

The bond, carrying a ten-year term, aims to offer investors an annual return of 6.5%. This financial instrument represents a novel approach in leveraging cryptocurrency for national economic strategies.

Complementing the bond issuance, El Salvador has embarked on a $1 billion Bitcoin mining project powered by the volcanic resources of Conchagua. This project aligns with the nation’s strategy to harness renewable energy for Bitcoin mining and economic growth.

The bond’s approval comes after an initial announcement in 2022 by former finance minister Alejandro Zelaya. The delay reflects the complexities and novelty of introducing such a groundbreaking financial instrument.

This development marks a milestone in El Salvador’s journey to embrace Bitcoin, showing its ambition to lead in integrating crypto. The Volcano Bonds project serves as more than just a financial endeavor; it symbolizes the country’s innovative approach to economic development and sustainability.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles

Nik Asti



Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.



More articles





Read More: mpost.io

Tags: BitcoinbondsLaunchMetaverseSalvadorVenturesvolcano
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