El Salvador To Build The First Bitcoin City Using Tokenized Bitcoin Bonds
El Salvador seems to be looking to a future fully integrated with bitcoin. The country which had made history in September as the first sovereign nation to make bitcoin a legal tender has taken another step forward in its adoption of the cryptocurrency. After investing millions of dollars into BTC, El Salvador has announced the […]
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El Salvador is preparing to introduce 20 bills to provide a legal framework for its upcoming bitcoin bonds. The funds raised will be used to build infrastructure for Bitcoin City and buy more bitcoin, the Salvadoran government explained. El Salvador Drafting Legal Framework for Bitcoin Bonds El Salvador’s finance minister, Alejandro Zelaya, said in an interview on local television Tuesday that his government will send about 20 bills to Congress concerning the country’s bitcoin bonds. The bills will cover financial markets and investment in securities to provide a legal....
El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. This move has witnessed many developments, as well as some pushback. Amid protests, technical glitches, and inevitable market volatility, El Salvador continues to drive BTC adoption. Related Reading | There Are More People Using Bitcoin Wallets Than Bank Accounts, Says El Salvador President In its latest Bitcoin adoption move, the Central American country plans to build a city based on the world’s largest cryptocurrency. President Nayib Bukele announced the Bitcoin City initiative at El Salvador’s....
Time to check back with El Salvador. During Bitcoin Week, it was so hectic down there that we didn’t know where to start. Everybody in the Bitcoin space visited San Salvador and El Zonte. The highlight was that President Bukele announced the project to build Bitcoin City and to issue $1B Bitcoin bonds to finance […]
The International Monetary Fund (IMF) has warned El Salvador against using bitcoin as legal tender due to various risks associated with cryptocurrency. The warning came one day after Salvadoran President Nayib Bukele announced his plan to build a “bitcoin city” powered by a volcano and financed by bitcoin bonds. IMF Says El Salvador Shouldn’t Use Bitcoin as Legal Tender The International Monetary Fund (IMF) warned El Salvador on Monday that the country should not use bitcoin as legal tender, citing various risks associated with the cryptocurrency. El Salvador is the....
Will the plan work? Soon, the Bitcoin Bonds will get the legal foundation they need. In a recent TV interview Alejandro Zelaya, El Salvador’s Finance Minister, said they will send the necessary bills to Congress. Soon. Reportedly, El Salvador will initially issue $1B worth of bonds, which will have a ten-year maturity and carry a 6.5% coupon. The bitcoin that backs them will be locked for five years. The project, announced by President Bukele at Labitconf 2021, includes plans to build Bitcoin City. More on that later. In a scheme worthy of MicroStrategy, El Salvador will spend half of the....