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El Salvador's Congress Approves Digital Securities Bill That Will Allowthe country to raise funds with the world's first sovereign bond on the Bitcoin blockchain.
The so-called "volcanic bonds" bill will establish a legal order that provides legal certainty for the issuance and circulation of digital securities for an unlimited number of potential investors.The securities are intended to attract investments of about $500 million for the construction of a "bitcoin city", which will beObtain geothermal energy for mining digital assets from a nearby volcano.
Among other things, the bill proposes the creation of a national Digital Asset Commission, which willIt also provides for the creation of an Agency for the Administration of the Bitcoin Fund, the activities of which will befocuses on "managing, protecting, and investing funds from public offerings of digital assets conducted by El Salvador and proceeds fromof these proposals."
The bill was passed by a vote of 62 to 16.His opponents said he did not meet the true concerns of the people of El Salvador.The bonds will be denominated in US dollars with a maturity of 10 yearsand a declared yield of 6.5% per annum.
Earlier, against the background of the development of the crisis situation incryptocurrency industry, caused by the collapse of a number of large projects, the Minister of Finance of El Salvador, Alejandro Zelaya, said that the financial stability of the state that declared Bitcoin as a means of payment is not in any significant danger.
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