El Salvador will issue bonds backed by Bitcoin. Thanks to them, the State plans to raise funds for the development of the mining industry and the payment of the sovereign debt. The regulator approved the issuance of Bitcoin bonds, which will appear on the market in early 2024.
The National Digital Assets Commission of El Salvador approved the issuance of bonds backed by Bitcoin. Coindesk reports this.
The first bonds will be issued in early 2024. They will be placed in the regulated division of cryptocurrency exchange Bitfinex, which received a license as a cryptocurrency service provider in El Salvador in April 2023.
The government will use the new bonds to pay off the sovereign debt. In addition, thanks to them, it is expected to raise one billion dollars for the development of the mining industry using renewable energy sources. El Salvador uses volcanoes as such sources.
Author:
Kirill Bilyk
Source: RB
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