El Salvador, the first country to accept Bitcoin as legal tender, has partnered with Bitfinex and Blockstream to continue its pro-crypto stance. The President of the nation, Nayib Bukele, hasn’t put a ban on crypto mining, and according to a statement by Blockstream, he wants to “accelerate hyperbitcoinization and bring about a new financial system on top of Bitcoin.”
The $1 billion Bitcoin bonds will be issued via Blockstream’s Liquid Network and back the volcano-powered Bitcoin mining currently rampant in the nation.
“This bond offering is something we think will be attractive to a wide range of investors ranging from cryptocurrency investors, investors seeking yield, HODLers, and ordinary people,” said Blockstream in a post.
El Salvador transforming into a crypto hub
El Salvador is transforming into a cryptocurrency hub. With the integration of Bitcoin payments and the release of the Chivo Wallet, the President’s decisions bore fruits of happiness as well as criticism. It is now also looking to establish 20 Bitcoin schools in the country, which is another step towards crypto adoption and education, according to our previous report.
While protestors have also marched against the President’s decisions, Bukele believes that the integration of cryptocurrencies with the traditional monetary system will boost El Salvador’s growth.
“Finex is focusing on helping the government of writing a digital tokenized securities law, and the government will provide to iFinex the first license in that new regulatory framework so that the ES government will issue and launch their volcano mining bond on bitfinex securities,” Paolo Ardoino of Bitfinex said in a statement to the BlockCrypto
The initiative to mine Bitcoin using volcanoes and the energy from natural abundance was taken a while ago when the entire crypto industry was going through a rough patch due to China’s crypto crackdown on mining as well as trading. El Salvador aims to transform into a global crypto hub soon, being home for miners as well.
