El Salvador passes law on Bitcoin bonds
El Salvador has approved the digital securities law.
El Salvador has approved the digital securities law. The long-awaited Bitcoin bonds are getting closer.
El Salvador's Legislative Assembly yesterday, January 11, passed a law on digital securities. According to the National Bitcoin Office of the country (ONBTC). According to the office, the measure creates "a legal framework for all digital assets". Moreover, the measure paves the way for Bitcoin bonds, according to the agency. With the law, El Salvador aims to offer "unprecedented consumer protection against bad actors in the crypto sector".
Opposition critics blast the plan
The bill calls for the creation of a national digital assets commission to act as regulator and promoter of the crypto market. Lawmakers approved the measure with 62 votes, according to a report in local media. Opponents, however, say the law does not address the public's problems. According to the opposition, the immediate rules could also facilitate money laundering and tax evasion and increase the debt burden of Nayib Bukele's government.
The Bitcoin bonds, which could soon become a reality under the now-approved legal framework, are expected to bring about $1 billion to the Central American country. Bukele wants to use half the money to buy Bitcoin, and the other half to develop Bitcoin-related infrastructure projects such as Bitcoin City or "volcano mining" in the country.
Earlier, El Salvador said buying a Bitcoin every day.
