El Salvador wants to issue controversial bitcoin bonds

presidency Savior Sent by a digital security promissory note to lawmakers, bringing the nation one step closer to $1 billion.

The president’s spokesman released a copy of the 33-page bill Tuesday night that states the creation of a digital asset commission and a bitcoin fund management agency oversee debt sales related to cryptocurrencies.

From El Salvador, they assure you that the commitment to use bitcoins works

The text says it aims to create a legal framework for the transfer of digital assets that are used for public disposal in El Salvador, as well as to regulate the requirements and obligations of issuers and providers of digital assets.

The bond offering, with a minimum investment of just $100, aims to help financial building a duty free seaside town is called Bitcoin City for it to get geothermal energy from a nearby volcano to mine digital currencies.

Bonds would go up $500 million in Bitcoin for city infrastructure and another $500 million to buy bitcoinsand any appreciation of the digital currency will ultimately be shared with bondholders.

How Much Is El Salvador Losing From The Bitcoin Crash?

Last year, El Salvador became the first country to accept bitcoin as legal tender. President Nayib Bukele, a proponent of cryptocurrencies, tried to sell bitcoin-backed bonds to international investors, but to no avail.

The controversial initiative is fueling concerns about the country’s solvency amid stalled talks with the International Monetary Fund on financing to help reduce the budget deficit.

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Source: news.google.com

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