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The government of the latin American country, El Salvador, presented a bill that could regulate the local crypto sector and the operations of all digital asset providers in the country.

El Salvador is also on the verge of issuing blockchain bonds that could aid the development of certain BTC endeavours in the Central American nation.

The President of El Salvador, Nayib Bukele, has not changed his stance on Bitcoin, even in harsh market conditions.

Recently, he revealed that his government will purchase one BTC every day.

Eyes on the Entire Crypto Industry, beyond Bitcoin

One of the spokespersons for the presidency released a copy of a lengthy legislation, geared towards establishing a crypto framework that could guide the domestic ecosystem.

El Salvador, the first country to make Bitcoin a legal tender, plans to;

 “create a legal framework to transfer digital assets that are used in public issuances in El Salvador, as well as regulate the requirements and obligations of issuers and providers of digital assets.”

The government is yet to start the issuance of blockchain bonds, with a minimum investment of $100.

As per the bill, the government’s goal is to raise $1 billion from those products and add momentum to the advancement of numerous crypto projects.

$500 million out of raised funds will be marked for financing the infrastructure of the coastal Bitcoin City that will use geothermal energy from a volcano to mine the asset, cryptopotato revealed.

As for the remainder, the authorities plan to use them in purchasing BTC.

El Salvador, since embracing BTC as a legal tender, had purchased 2,381 BTC as of mid-November, equaling almost $40 million (at current price).

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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