Bukele's government introduced a bill to launch "Bitcoin bonds"

New bill confirms government's plan to raise $1 billion and invest it in building a "Bitcoin City" ".

In the midst of the crypto market downturn, El Salvador has finally taken a decisive step towards realizing its ambitious "Bitcoin bonds" project. Economy Minister Maria Luisa Hayem Brevé presented a bill confirming the government's plan to raise $1 billion and invest it in building a "Bitcoin City".

A 33-page digital securities bill, dated Nov. 17, urges lawmakers to create a legal framework using digital assets in El Salvador's public issuances. They must also take into account all the requirements of this procedure and the obligations of issuers and providers of assets.

"Volcano Bonds" or "Bitcoin Bonds" were introduced by the government of Nayib Bukele in 2021. The initial plan proposed to issue around $1 billion of these bonds and allocate the funds raised for construction of a "Bitcoin City". at the foot of the Colchagua volcano. Supposedly, the volcano's hydrothermal energy would make the city a perfect crypto-mining facility. Half of the funds raised would still be invested directly in Bitcoin (BTC).

Related: Nayib Bukele announces Bitcoin prescription for El Salvador: 1 BTC per day

Over the past 12 months, the project has been delayed several times: at one point, its launch phase was scheduled for early March, then it was postponed to September, only to be pushed back once more for for "security" reasons. reasons."

According to some sources, the invoice could be