2 years ago
A caller measure confirms the government’s program to rise $1 cardinal and put them into the operation of a “Bitcoin city.”
Amid the crypto marketplace downturn, El Salvador yet makes a decisive measurement to the realization of its ambitious “Bitcoin bonds” project. The Minister of the Economy Maria Luisa Hayem Brevé introduced a measure confirming the government’s program to rise $1 cardinal and put them into the operation of a “Bitcoin city.”
A 33-page integer securities bill, dated Nov. 17, urges lawmakers to make a ineligible model utilizing the integer asses successful nationalist issuances by El Salvador. They should besides see each the requirements for this process and the obligations of issuers and plus providers.
The “volcano bonds” oregon “Bitcoin bonds” were introduced by the government of Nayib Bukele backmost successful 2021. The archetypal program projected issuing astir $1 cardinal of those bonds and allocating the raised funds to the operation of a “Bitcoin city” at the basal of the Colchagua volcano. Supposedly, the hydrothermal vigor of the volcano would marque the metropolis a cleanable crypto-mining facility. Half of the raised funds would inactive beryllium invested straight into Bitcoin.
Related: Nayib Bukele announces Bitcoin medicine for El Salvador: 1 BTC a day
During the past 12 months, the task has been repeatedly delayed — astatine immoderate point, its launching signifier was scheduled for the opening of March, past it got postponed to September lone to beryllium enactment disconnected 1 much clip due to “security reasons.”
According to immoderate sources, the measure whitethorn beryllium approved by legislators earlier Christmas. Paolo Ardoino, CTO of cryptocurrency speech Bitfinex, which collaborates with the authorities of El Salvador connected the bonds project, seems to beryllium optimistic astir that time:
https://twitter.com/paoloardoino/status/1595246771097288705
After making BTC a ineligible tender connected Sept. 7, 2021, El Salvador accumulated implicit 2,301 BTC for astir $103.9 million. During the bull market, the nett from the concern was adjacent utilized to physique schools and hospitals. However, arsenic the country’s system continues to struggle, 77.1% of citizens similar the Salvadoran authorities to stop “spending nationalist wealth connected Bitcoin.”
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