El Salvador’s government enters into agreement with Bitfinex, Blockstream to issue $ 1 billion bitcoin bonds


El Salvador has entered into an agreement with the crypto companies Blockstream and iFinex to promote efforts in the bitcoin market.

The country is set to issue so-called Bitcoin bonds to “accelerate hyperbitcoinization and bring about a new financial system on top of Bitcoin”[ads1];, according to Blockstream.

El Salvador can issue $ 1 billion worth of bitcoin bonds through the Blockstream Liquid Network. The income from the bond issue can support the development of volcanic bitcoin mining.

“This bond offering is something we believe will be attractive to a wide range of investors, from investors in cryptocurrencies, investors seeking returns, HODLs and ordinary people,” Blockstream said in a blog post.

El Salvador, which considered Bitcoin a legal tender in the country earlier this year, is set to give Bitfinex’s parent company the country’s first cryptocurrency license.

“Finex is focusing on helping the government write a digital tokenized securities law, and the government will give iFinex the first license in the new regulatory framework so that the ES government will issue and launch their volcanic mining bond on bitfinex securities,” Paolo Ardoino of Bitfinex said in a statement to The Block.

El Salvador’s president Nayib Bukele said last summer that he would use the country’s volcanoes to extract bitcoin via “100% clean, 100% renewable, 0 emission energy.”

Trending stories

Source link

Back to top button