El Salvador’s ‘Volcano Bond’ Gets Regulatory Approval, Aims for Launch Early Next Year

El Salvador’s groundbreaking Bitcoin (BTC) “Volcano Bonds” have received regulatory approval and are slated to roll out to the public in the first quarter of next year.

The National Bitcoin Office (ONBTC) of El Salvador says the country’s Digital Assets Commission (CNAD) approved the bonds after nearly two years of delays.

Pro-crypto El Salvador President Nayib Bukele first announced in November 2021 that the Central American country would be issuing the bonds.

They were originally expected to launch in early 2022, but Bukele delayed them indefinitely when the price of BTC went down.

The Bitcoin bonds, the first of their kind in the world, will trade on Bitfinex Securities, according to the ONBTC.

It’s not the only recent Bitcoin news for El Salvador: Just last week, the country launched a new “Freedom Visa Program” for high-net-worth individuals willing to plunk down $1 million worth of BTC or USDT for a passport.

Bukele has long been a vocal advocate for Bitcoin. El Salvador owns more than $130 million worth of BTC, and the top crypto asset is recognized as legal tender in the country.

The president also says the country has “no intention of selling” its Bitcoin despite BTC’s price rise this year.

“We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”

 

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