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Cryptocurrency

5 Jan 2022

El Salvador Prepares 20 bills to Provide Legal Framework for Bitcoin Bonds

The Index Today

Led by President Nayib Bukele, El Salvador’s government, started moving ahead with the announced plans to issue Bitcoin bonds by starting to prepare 20 bills designed to provide a legal framework for Bitcoin bonds.

Head of the Treasury Alejandra Zelaya told El Salvadoran media El Mundo on Jan. 4, "[This is] to provide a legal structure and legal certainty to everyone who buys the Bitcoin bond," ensuring that the bills will cover regulations about issuing securities as cryptocurrency to ensure the viability of the Bitcoin bonds that were proposed in Nov. last year.

However there is no proposed timeframe for the legislation to be submitted to lawmakers.

The $1 billion sought by the bond issuance would be used to fund the Bitcoin City initiative which President Bukele has promised will provide “digital and technological education, geothermal energy for the entire city, and efficient and sustainable public transport,” Cointelegraph reported.

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