Skip to main content

El Salvador Approves Bitcoin Bonds Bill, Will Legalise Bitcoin-Backed 'Volcano Bond'

El Salvador has legally welcomed Bitcoin bonds as proposed by President Nayib Bukele, the President of the central American nation. Passed on Wednesday, ‘Volcanic Bonds' would allow El Salvador to gather capital to pay debts for the country, while also bringing in contribution for Bukele's ambitious special economic zone called the ‘Bitcoin City', via ‘Volcano Tokens'. El Salvador aims at raising $1 billion (roughly Rs. 8,172 crore) via Volcano Bonds.

With a minimum investment of $100 (roughly Rs. 8,170), El Salvador residents will be able to enter Volcano Bonds — that will add to the nation's economy. Any appreciation in Bitcoin's values will be shared with the bond holders.

In totality, El Salvador aims at raising $500 million (roughly Rs. 4,084 million) to fund Bitcoin City's infrastructure, and an equal amount to purchase Bitcoin for the government's treasury.

The Bitcoin Office, that is overseen by the Salvadoran authorities, posted more details about the newly passed law on Twitter.

The domestic securities law, that had been making the rounds in the Salvadoran parliament for a while now, received 62 votes from legislators.

The country has also established a legal framework to govern other cryptocurrencies apart from Bitcoin.

Bukele, the pro-crypto Salvadoran President welcomed the much-awaited decision, that is expected to drive more engagement with crypto assets by the masses.

El Salvador has chosen crypto exchange Bitfinex as the provider of these Volcano Bonds.

“This paves the way for more innovative financial solutions to meet the country's needs, including the forthcoming Volcano Token. This is a monumental achievement that will surely become part of history as El Salvador takes sovereignty over its financial future. Bitfinex's role as the technology provider for El Salvador's Volcano Token underlines our commitment to financial freedom and Bitcoin adoption,” the exchange owned and operated by iFinex stated in a post.

Bukele aims to power the tax-free Bitcoin City with the geothermal energy extracted from a regional volcano, that gives ‘Volcano Tokens' their name.

Such is the support for BTC from El Salvador, that its Miss Universe 2023 representative, actually walked the stage on Thursday, January 12, in a golden coloured Bitcoin-inspired ensemble.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


from Gadgets 360 https://ift.tt/YnAkr49
Labels:

Comments

Post a Comment

Popular posts from this blog

Samsung Galaxy S24 Series Pre-Order Details Leak Out; Galaxy S24+ Spotted on Walmart Listing

Samsung Galaxy S24 series is expected to be unveiled on January 17 and past rumours have already given us a fair idea of what to expect from the new flagship phones. The most recent leaks suggest video recording upgrades on the Samsung Galaxy S24, Galaxy S24+, and Galaxy S24 Ultra along with some pre-order perks. The regular models are also tipped to be priced lower than their predecessors. The Galaxy S24 Ultra, in contrast, could see a price jump across all three storage variants. Meanwhile, Walmart accidentally listed the Galaxy S24+ on its online website, whereas Samsung retailers in Brazil have also started teasing the phone ahead of the debut. On X (formerly Twitter), Tipster Ice Universe (@UniverseIce)  posted that Samsung's flagship Galaxy S24 phones will be priced slightly lower than expected. He claimed that Galaxy S24 and Galaxy S24+ stock is large this time as the company is optimistic about the upcoming phones. Further, the Galaxy S24 series is said to offer the abili...
Post a Comment
Read more

End-of-Season Savings on Convertible Air Conditioners Starting at Rs. 22,990

Check out Croma's latest deals on Convertible Air Conditioners, with prices starting from just Rs. 22,990. This sale brings together top brands like Voltas, Daikin, and Croma, offering a mix of high-tech features and value for money. Whether you're looking for energy-saving options or models with the latest cooling technology, there's something for everyone. Plus, these ACs are more environmentally friendly. Big discounts on the usual prices and special bank offers make this a great time to upgrade your air conditioner. Croma 4 in 1 Convertible 1.5 Ton 3 Star Inverter Split AC Get the Croma 4 in 1 Convertible AC at a great deal of Rs. 28,990, down from Rs. 42,000. Made for compact spaces, this 3-star, 1.5 Ton AC is efficient and eco-friendly, complete with a PM 2.5 filter. HDFC Bank users can avail themselves of an extra discount, making it an even better bargain. Buy now at: Rs. 28,990 (MRP Rs. 42,000) Voltas 183V Vectra Platina 4 in 1 Convertible 1.5 Ton 3 Star Invert...
Post a Comment
Read more

Google Pixel Watch 2 Spotted on Google Play Console; Specifications, Chipset Tipped

Google Pixel Watch 2 is expected to launch soon as the successor to the Google Pixel Watch , which was released in October 2022. The debut Pixel Watch model has a 1.2-inch AMOLED touch display protected by 3D Corning Gorilla Glass 5 and an Exynos 9110 SoC. The watch also claimed to have a battery life of up to 24 hours. However, the upcoming Pixel Watch 2 is expected to include an improved SoC and battery. There have been several rumours about the purported smartwatch. The wearable was reportedly spotted on Google Play Console, where some key specifications were listed. A 9to5Google report says that the Pixel Watch 2 was recently spotted on the Google Play Console. The listing shows some key details of the smart wearable, including its processor, display and software specifications. The report says that the watch is likely to be powered by a Qualcomm SW5100 SoC, which claims to be the Snapdragon W5 chipset, not the W5+ variant. It is also tipped to retain 2GB of RAM from th...
Post a Comment
Read more