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Nayib Buckle, the president of the country, confirmed the news in a tweet, where he posted “Wen volcano bond” soon after the news broke. He has since shared several posts that announce the launch of the bond, set foe the first quarter in 2024. The possibility of the country issuing the Volcano Bonds initially came about in November 2021.
Wen volcano bond? 🥺
— Nayib Bukele (@nayibbukele) December 12, 2023
El Salvador is the first country in the world to legally accept Bitcoin as part of its national tender. The legislation underpinning the framework for the soon-to-be-launched Bitcoin bond was accepted at the beginning of the year, with the Bitcoin Office having worked to launch the bond with regulatory approval as soon as possible since then.
We found the Volcano 🌋 Bonds. Will be available soon!!! pic.twitter.com/cUxfhhoCRn
— Bitcoin Beach (@Bitcoinbeach) December 12, 2023
The Volcano Bond will aim to pay sovereign debt and fund the Bitcoin City that the country is intending to build. The Bitcoin Office has noted that the bond will be issued on Bitfinex Securities Platform.
The approval marks the first capital markets based on Bitcoin in El Salvador. The bonds are set to last a decade with a predicted 6.5% return for investors over the time.