El Salvador is one step closer to bring a $1 billion bitcoin bond plan to life as the country's president Nayib Bukele has dispatched the 33-page legislation to lawmakers, The Washington Post reports.
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The document released on late Tuesday also calls for establishing the so-called "Bitcoin Fund Management Agency" to regulate crypto-related debt sales. The legislation proposes creating a "legal framework to transfer digital assets that are used in public issuances in El Salvador, as well as regulate the requirements and obligations of issuers and providers of digital assets."
Bitcoin bonds will be offered at a minimum investment of just $100, and are meant to finance El Salvador's efforts to develop infrastructure for Bitcoin City, which is supposed to be located between the Gulf of Fonseca and the Conchagua volcano.
El Salvador legalized bitcoin as legal tender in September last year, allowing citizens to use the cryptocurrency in all transactions, alongside the US dollar.
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