El Salvador’s Bitcoin “Volcano Bonds” to Launch on Bitfinex in Early 2024

El Salvador’s “Volcano Bonds,” tied to Bitcoin mining with renewable energy, received regulatory approval for issuance in early 2024 on Bitfinex Securities.
El Salvador's Bitcoin Volcano Bonds to Launch on Bitfinex in Early 2024

The much-awaited Bitcoin bonds for El Salvador are apparently getting regulatory approval to be issued in early 2024, bringing them one step closer to being a reality. This development was disclosed by the nation’s Bitcoin-focused office on Tuesday.

It has been reported that President Nayib Bukele approved the “Volcano Bonds” scheme. He revealed this information on Tuesday by posing the question, “When volcano bond?” and sharing many posts that suggested the bonds would be released in the first quarter of 2024.

President Bukele first proposed the idea of “Volcano bonds” in 2021, not long after El Salvador formally acknowledged bitcoin (BTC) as legal tender. With the help of these bonds, Bukele hopes to earn $1 billion to fund the growth of a Bitcoin mining sector that runs solely on renewable energy, including volcanic energy from the nation’s active volcanoes.

A new bill was supported by 62 legislators today, while 16 were against it. January 2021 marked the official approval of the bill. In the past two weeks, this represents the second noteworthy Bitcoin-related event.

Formerly, El Salvador launched the “Freedom VISA” program, which allowed up to 1,000 people annually to become residents of El Salvador provided they invested at least $1 million in bitcoin or USDT stablecoins.

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