El Salvador’s ‘Volcano Bond’ Receives Regulatory Approval

It has been revealed the fact that El Salvador’s Volcano Bond has just received regulatory approval. Check out the latest reports about the matter below.

El Salvador’s innovative “Volcano Bonds” that utilize Bitcoin (BTC) have finally been given the green light by regulators and are set to become available to the public in the first quarter of next year.

The country’s National Bitcoin Office (ONBTC) has reported that the Digital Assets Commission (CNAD) of El Salvador has approved the bonds after a delay of almost two years.

El Salvador’s pro-crypto President Nayib Bukele announced the issuance of these bonds in November 2021. Initially, they were expected to launch in early 2022, but Bukele postponed them indefinitely when the price of BTC decreased.

According to ONBTC, the world’s first Bitcoin bonds will be traded on Bitfinex Securities.

This news comes along with El Salvador’s recent announcement of a “Freedom Visa Program” for high-net-worth individuals who are willing to invest $1 million worth of BTC or USDT for a passport.

President Bukele has been a strong supporter of Bitcoin for a long time. El Salvador currently owns more than $130 million worth of BTC, and it has been recognized as a legal tender in the country.

The President has also stated that the country has no plans to sell its Bitcoin holdings despite its rising value this year.

“We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”

El Salvador has recently introduced a new initiative called the “Freedom Visa Program”. This program is aimed at affluent individuals who are willing to invest $1 million worth of Bitcoin (BTC) or USDT in exchange for a passport.

The program is launched officially on Thursday, and it offers a quick process to obtain citizenship.

The government will select 1,000 individuals for this visa program, and those interested can begin the application process by submitting a non-refundable application fee of $999 worth of BTC or USDT.

If selected, candidates will be required to give the Salvadoran government a total of $1 million in BTC or USDT.