El Salvador working on its Bitcoin bond legal framework
The government officials of El Salvador are currently working on 20 bills to bring a regulatory framework to the Bitcoin-Bond initiatives.
El Salvador is an American country and this country created history by adopting Bitcoin as legal tender officially on 7 September. After that, El Salvador started many initiatives and projects based on Bitcoin. Bitcoin Bond is one of the latest initiatives of El Salvador to do business in Bitcoin mining.
According to reports, right now Officials in El Salvador are preparing 20 bills on the Bitcoin bond to design a legal framework, which can allow government authorities to issue Bitcoin bonds.
On 4 January, Alejandra Zelaya, head of Treasury, told the local media news El Mundo that all these bills will bring regulation and a better precise framework on the securities such as Bitcoin to ensure the viability of the bonds in Bitcoin that were proposed in November of last year.
Alejandra Zelaya added:
*To provide a legal structure and legal certainty to everyone who buys the Bitcoin bond.”
Alejandra only confirmed the activities and aims of these 20 bills on Bitcoin bonds but didn’t stated the particular time framework, in which the lawmakers will submit the bill.
The $1 billion bonds of El Salvador were proposed by El Salvador president Nayib Bukele. Through the Bitcoin bond, El Salvador is planning to collect funding from the citizens and then invest that funds into Bitcoin mining and Bitcoin city.
All the plans of Nayib Bukele, with Bitcoin bond and Bitcoin city, hinted that El Salvador’s citizens will soon be ready to grab huge profit with Bitcoin bonds, instead of having less return on FD or other traditional bonds.
Bitcoin city is an area in El Salvador, where engineers are doing their best to generate electricity with the use of geothermal energy and further use of the electricity to mine Bitcoins.
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