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El Salvador Update: ‘Volcano Bonds’, Bitcoin City, Crypto Visa Program

Crypto | Dec 12, 2023

DALL E bitcoin city - El Salvador Update:  'Volcano Bonds', Bitcoin City, Crypto Visa Program

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After becoming the first country to adopt Bitcoin as legal tender in 2021, El Salvador is now launching the world's first Bitcoin bonds early 2024, a move that could revolutionize the global financial landscape.

Volcano Bonds

El Salvador's just received approval to launch of the world's first Bitcoin bonds, expected in the first quarter of 2024.

These "Volcano Bonds," offering a 10-year term with a 6.5% annual return, are a cornerstone in the development of new Bitcoin-based capital markets in El Salvador. The proceeds from these bonds are earmarked for the ambitious "Bitcoin City," a project that aims to create a hub for cryptocurrency and blockchain technology, powered by the nation's volcanic energy.

Bitcoin Visa Program and Mining

In a parallel move to bolster its position as a crypto-friendly destination, El Salvador has launched the Bitcoin visa program. This initiative, in collaboration with Tether, aims to attract crypto investors by offering citizenship in exchange for a significant investment in Bitcoin or USDT stablecoin.

The Bitcoin visa program has reportedly raised $153 million within just a week of its launch, reflecting the high global interest in this unique opportunity. This program allows up to 1,000 individuals annually to participate in El Salvador's Bitcoin-driven economic revival, potentially raising up to $1 billion each year.

See:  Visa’s Solutions for the Creator Economy and Fintech Opportunities for Tomorrow’s Digital SMBs

El Salvador has already begun tapping into its volcanic resources for Bitcoin mining, in partnership with Luxor Technology, on a project valued at $1 billion. This not only underscores the country's commitment to cryptocurrency but also highlights its innovative approach to leveraging natural resources for economic growth.

Conclusion

As El Salvador prepares for this historic launch and continues to attract investment through its visa program, all eyes are on this small nation.  The success of these bonds will blend traditional investment mechanisms with the evolving world of cryptocurrency.


NCFA Jan 2018 resize - El Salvador Update:  'Volcano Bonds', Bitcoin City, Crypto Visa ProgramThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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