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El Salvador Issues New Crypto Bill to Launch Bitcoin (BTC) Volcanic Bonds DailyCoin

© Reuters. El Salvador Issues New Crypto Bill to Launch Bitcoin (BTC) Volcanic Bonds

El Salvador, the small country in Latin America pioneering adoption (BTC), has just taken a big step towards the launch of the highly anticipated Volcano Bonds. In addition to real volcano-backed BTC bonds, the new legislation will also lay the groundwork for alternative cryptocurrencies. Therefore, the decision is made in line with El Salvador’s plans to create the world’s leading crypto hub.

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BTC powered by a real volcano

The highly anticipated BTC Volcano Bond is a real geothermal bond, which is used to extract lava and turn it into digital energy. This generates digital property and can be used to transfer money anywhere in the world.

In the case of El Salvador, this BTC mining strategy powers the Lightning Network. Ultimately, the launch of the Volcano Bonds would allow crypto enthusiasts and corporate investors to own stocks and capitalize on El Salvador’s BTC plan by purchasing the bonds.

Salvadoran Congress considers bill

The new bill is called The Digital Assets Issuance Bill and consists of 33 pages. BTC-loving chairman Nayib Bukele signed the document and forwarded it to the legislature. Once Congress approves the Crypto Bill, cryptocurrencies will be fully legalized in El Salvador. As BTC is already legal tender, the digital asset issuance bill would cover digital assets beyond BTC, as well as:

  • Create a register of digital currencies, suppliers and providers
  • Make a clear definition of stablecoins and altcoins
  • Provide tax exemption in certain areas in certain cases

On top of that, El Salvador would become the first country in the world to fully legalize all cryptocurrencies. According to cryptocurrency lawyer Ana Ojeda Caracas, the legislation came straight from El Presidente’s office and will play a key role “in shaping the crypto ecosystem in El Salvador.”

on the reverse

  • Currently, El Salvador’s Bitcoin (BTC) wallet is down 63%, or $67 million less than the initial investment.
  • Some analysts believe El Salvador could default on its $800 million sovereign debt next year.

Why You Should Care

El Salvador’s pioneering steps in crypto could accelerate global adoption. Also, the clear legal framework in a country that favors cryptography could serve as an example for other countries looking to adopt the invention.

Learn more about El Salvador’s pioneering Bitcoin (BTC) strategy:

El Salvador Bitcoin Conference ended up being lackluster

El Salvador will buy one Bitcoin (BTC) per day, says Nayib Bukele

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