El Salvador has drafted and is planning to introduce 20 Bills to provide a legal structure to its upcoming Bitcoin Bond. The funds raised through the bond will be used to buy Bitcoin and to build the infrastructure for the Bitcoin City in El Salvador.
The Finance Minister of El Salvador in an interview to the local television said that the government will send 20 bills that have been drafted to the Congress concerning the upcoming Bitcoin Bond launch. The bills will help in facilitating a legal foundation for issuance of the Bitcoin Bond. He in his statement said “(This is) to provide a legal structure and legal certainty to everyone who buys the Bitcoin bond.”
The President of El Salvador announced in November that he is planning to introduce a Bitcoin Bond worth $1 Billion at 6.5% coupon rate to fund the development of Bitcoin City in the country. Thus, these bills will help in providing the infrastructure for these bonds and thus the future Bitcoin City infrastructure. According to the minister, half of the funds raised will be used to buy Bitcoin and the other half to develop the infrastructure for the Bitcoin City.
According to the President, the bonds will be issued this year and the infrastructure development project for the Bitcoin City will also commence this year itself and predicts that the bonds will be oversubscribed.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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