In Brief
- El Salvador’s legislative assembly has approved a digital securities bill that will bring changes to crypto regulation.
- The bill would allow the issuance of Bitcoin bonds, colloquially called ’volcano bonds.’
- El Salvador is continuing its focus on Bitcoin, with President Bukele recently vowing to buy one Bitcoin a day.
El Salvador has taken a step forward by passing its digital securities bill. This will allow it to issue Bitcoin bonds.
El Salvador’s legislative assembly approved a digital securities bill on Jan. 11, allowing the country to issue bonds based on Bitcoin. The bill was first introduced to the parliament in November.
The bill was not passed unanimously, with 62 votes supporting the bill. The digital securities bill will “establish the legal order that grants legal certainty to transfer operations with any title of digital assets that are used in the issuance of public offerings carried out in El Salvador.”
Local media reports state that the main purpose of the bill is to facilitate the issue of volcano “Volcán” bonds likely.” Those who opposed the bill said that the bill does not respond to the problems of the public.
Among other actions, the bill asks for the creation of a national digital assets commission that will serve as a crypto regulation body and a promoter of the market. Perhaps most interestingly, the bill will create a Bitcoin Fund Administration Agency. This will focus on “the administration, safeguarding, and investment of funds from public offerings of digital assets carried out by the Salvadoran State and the returns that come from said offers.”
Source: beincrypto.com
Featured image from: marketwatch.com