Paolo Ardoino, the chief technology officer of cryptocurrency exchange Bitfinex says that El Salvador’s Bitcoin-backed (BTC) bonds is setting the precedent for how nation-states can raise money.
In November of last year, El Salvador President Nayib Bukele announced that the Central American country would be issuing Bitcoin bonds – also known as volcano bonds.
“I think the crypto community would definitely be more excited to be part of the history and help a country to scale up its economy leveraging Bitcoin rather than investing in yet another dog meme coin.
My point on nation security/volcano token: priority of any government should be citizen security, so that got priority over anything in El Salvador. It’s the right approach…
Why is Bitfinex excited? El Salvador is on the path of testing a new way to raise capital at the nation level. It could be a game changer for many other small countries. As Bitcoiners we’re humbled to witness this event, to be a small part of it and to provide our tech platform.”
Ardoino is also the CTO of crypto exchange Bitfinex, which is slated to be the sole exchange provider for the bonds.
While El Salvador’s Bitcoin bond was originally expected to launch in early 2022, President Bukele delayed it to March of this year, before delaying it indefinitely when the price of BTC went down. In a new interview with Fortune, Ardoino said the bonds could be ready in a few months after El Salvador’s Congress passes a digital securities bill.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Giovanni Cancemi