El Salvador’s Legislature Approves Landmark Digital Securities Bill Paving Way For Bitcoin Bonds

El Salvador has voted to walk a measure which paves the mode for the issuing of President Nayib Bukele’s bitcoin bonds.

The plan, which was announced successful November 2021, would entail El Salvador issuing $1 cardinal successful bonds connected Blockstream's Liquid Network, a federated Bitcoin sidechain. The extremity of the enslaved issuance would beryllium to put fractional of the wealth into bitcoin, and the different fractional into infrastructure indispensable to physique retired the bitcoin manufacture successful the Central American country. The bonds, according to the connection astatine the time, would output 6.5% and alteration a fast-track for investors to get citizenship successful the country.

Exactly 1 twelvemonth aft the announcement of the plan, the measure that was voted connected contiguous was introduced by El Salvador’s Minister of the Economy Maria Luisa Hayem Brevé to the country’s legislative assembly arsenic the adjacent measurement towards this plan. With today’s approval, the state is overmuch person to making the bitcoin bonds a reality.

El Salvador’s Bitcoin Office released a connection successful effect to the ballot that work successful part, “Today El Salvador builds connected our first-mover vantage by passing landmark authorities establishing a ineligible model for each integer assets that are not bitcoin. The instrumentality besides paves the mode for the volcano bonds which we volition soon statesman issuing.”

In a connection to Bitcoin Magazine, Max Keiser, a Bitcoin pedagogue and advocator who has besides been a large proponent for El Salvador’s adoption of bitcoin since the process began, states that helium believes “This is 1 of the astir important milestones yet. Making Bitcoin ineligible tender successful September, 2021 enactment El Salvador connected the planetary fiscal map. This caller instrumentality furthers the ngo of President Bukele by establishing a instauration for a caller global, integer securities furniture built connected Bitcoin.”