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El Salvador launches Bitcoin bonds

El Salvador launches Bitcoin bonds

El Salvador is the only country in the world that recognizes Bitcoin (BTC) as legal tender and has recently received approval to launch its long-awaited Bitcoin bonds. Since 2021, El Salvador has been pursuing this revolutionary plan, and now it seems that the plan of the "Bitcoin nation" is finally becoming a reality.

Revolutionary Bitcoin bonds

On Tuesday, December 12, 2023, The National Bitcoin Office (ONBTC), a government department specializing in bitcoin, announced that plans for Bitcoin bonds have been approved by the Digital Assets Commission (CNAD). The bonds are expected to be launched in the first quarter of 2024.

In November 2021, Bitcoin bonds were announced by President Nayib Bukele, who has since stepped down to focus on re-election. This announcement came after Bitcoin was officially embraced in the country in September 2021.

Bukele aimed to raise $1 billion with the bonds to kickstart a Bitcoin mining industry that would rely solely on renewable energy. Additionally, the mining industry was intended to be powered by the active volcanoes in the country.

The issuance of Bitcoin bonds was initially planned for March 2022 but was delayed several times. Now, the launch of the bonds is finally on the horizon.