A new bill confirms the government’s plan to raise $1 billion to invest in building a “Bitcoin City“. Economy Minister María Luisa Hayem Brevé introduced a bill confirming the government’s plan to raise $1 billion and invest in building a “Bitcoin City”. Legislators to create a legal framework for the use of digital assets in public service broadcasts in El Salvador.
You should also consider any requirements for this process and the obligations of asset issuers and providers. “Volcanic Bonds” or “Bitcoin Bonds” were introduced back in 2021 by the Nayib Bukele government. The original plan was to issue about $1 billion of these bonds and use the funds raised to build a “bitcoin city” at the base of Colchagua volcano. the funds raised would continue to be invested directly in Bitcoin BTC tickers fall $16,338.
Over the past 12 months, the project has been repeatedly delayed: once the release phase was scheduled for early March, then pushed back to September, only to be pushed back again for “security reasons“. According to some sources, the bill could be approved by lawmakers before Christmas. Paolo Ardoino, CTO of cryptocurrency exchange Bitfinex, which is working with the government of El Salvador on the bond project, seems optimistic about this moment:
The adoption of digital securities legislation will allow El Salvador to become the financial capital of Central and South America. Paolo Ardoino (@paoloardoino) — 23 November 2022
El Salvador accumulated about 2,301 BTC for around $103.9 million after adopting BTC legal tender on September 7, 2021. During the bull market, the investment profit was even used to create schools and hospitals. However, as the country’s economy struggles, 77.1% of Salvadorans want the government to avoid “spending public money on Bitcoin.”