Announced a year ago, government bonds correlated with Bitcoin (BTC) could soon see the light of day in El Salvador. As part of a bill to regulate cryptocurrencies, the Minister of Economy Maria Luisa Hayem explains in detail the operation of this method of investment in the future that is unique in the world.
El Salvador maintains its position on Bitcoin (BTC)
Despite the fall in the price of Bitcoin (BTC) from the all-time high in November 2021, El Salvador Retains Enthusiasm for World’s First Cryptocurrency.
Recently, Maria Luisa Hayem, the country’s Minister of Economy, said a digital assets bill was introduced to the legislature.
Consisting of about thirty pages, this legislative project aims to implement a legal framework to facilitate the adoption of cryptocurrencies:
🚨#ULTIMAHORA🚨@nayibbukele present al congreso de el Salvador 🇸🇻 the PRIMERA LEY DE ACTIVOS DIGITALES⚖️
Con esto se ampliaría formally el marco legal, el cual ya NO individual regular el uso de #btc en el país, sino de QUALQUIER criptoactivo. pic.twitter.com/CaHob92a9w
— Criptlawyer.eth🇦🇷⚽️ (@criptlawyer) November 22, 2022
“Nayib Bukele submits El Salvador’s first cryptocurrency law to Congress. This would officially add to the legal framework, which would regulate not only the use of Bitcoin in the country, but all cryptocurrencies.”
Moreover, if this law is passed, El Salvador to introduce government bonds backed by Bitcoin (BTC).
On a national scale, the amount expected from these bonds is significant: the objective of the Salvadoran government is to raise 1 billion dollars, i.e. that represents almost 4% of the country’s GDP.
These bands, titled ” Volcano Bands the country will allow increase his stock of bitcoins. In addition, the state wants to invest in bitcoin energy and mining using volcanic geothermal energy.
In return, investors will earn a return of 6.5% on the amount invested, and you will receive dividends in bitcoins through the Blockstream platform.
Moreover, cryptocurrency exchange Bitfinex has been chosen to process El Salvador’s bond issue. According to Bitfinex CTO PAlo Arduino:
The digital securities law will enable El Salvador to become a financial center in Central and South America.
🇸🇻 https://t.co/1QBCrjxQCC— Paolo Ardoino 🍐 (@paoloardoino) November 23, 2022
“The Digital Assets Law will allow El Salvador to become a financial center in Central and South America. »
Recall that the government of El Salvador has received 2,392 bitcoins (BTC) since September 2021. Today, the loss in value of these assets is – 63.5%.
Now you just have to know if the country’s legislature wants to expand its economic and political investment in the cryptocurrency industry.
👉 Read also – How to buy your first Bitcoins (BTC).
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Sources: Bill
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Always enthusiastic about new technologies, I gradually moved closer to activities related to Web3 during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency related topics to as many people as possible.
Timothy Bourbotte
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