volcano bonds el salvador | BTCC Knowledge

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What will El Salvador do with the volcano Bond?

El Salvador’s regime-controlled, overwhelmingly one-sided legislature ‘passes’ a new law. Bukele plans to raise up to $1 billion with the Volcano Bond. He says his administration will use the proceeds to pay down sovereign debt, invest in bitcoin mining infrastructure, buy bitcoin, and build ‘Bitcoin City.’

Will El Salvador issue bitcoin-backed 'volcano bonds' in 2022?

El Salvador's assembly passed legislation Wednesday that clears the way for bitcoin-backed "volcano bonds" to be issued and for cryptocurrencies other than bitcoin. After declaring bitcoin legal tender in late 2021, the Central American country had planned to issue the bonds in March of 2022.

What are volcano bonds?

This is how the bonds earned the nickname “Volcano Bonds.” Bukele says one project “will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanoes.” The Bitcoin mining infrastructure will monetize El Salvador’s endowment of natural energy assets and provide the country with a stream of Bitcoin income.

Will El Salvador build a 'bitcoin city'?

MIZATA, El Salvador/LONDON, Nov 22 (Reuters) - El Salvador plans to build the world's first "Bitcoin City" with money from a $1 billion bitcoin-backed bond the country's President Nayib Bukele said on Saturday. Here is what we know about the proposed bond and some of the details that still need to be filled in.

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