By: Eva Baxter
El Salvador's upcoming Bitcoin bonds, highly-anticipated financial instruments, have secured regulatory approval for a 2024 launch, according to the country's National Bitcoin Office (ONBTC). The bonds, described as a pivotal move in catalyzing Bitcoin-oriented capital market growth within the nation, will be managed by the El Salvador-based security platform, Bitfinex Security.
The President of El Salvador has hinted through various social media posts that the issuance of these bonds could start as early as Q1, 2024. These bonds, which have been developed over nearly two years and codified into law, will have a ten-year span, promising investors an expected annual yield of about 6.5%.
Concurrently, El Salvador's newly introduced Bitcoin visa program, termed the Freedom Visa Program, has attracted $153 million in investments in just one week of its inception, according to Max Keiser, senior BTC adviser to President Bukele. Created in collaboration with Tether, the program offers up to 1,000 individuals the ability to participate in the country's Bitcoin-driven economic resurgence annually by making significant investments in BTC or USDT stablecoin.
This new visa program aligns with the country's digital currency-friendly stance, which adopted Bitcoin as official tender in 2021 and has been lauded by major crypto companies and stakeholders for its progressive regulations. El Salvador continues to position itself as one of the world's most supportive jurisdictions for cryptocurrencies, as underscored by the successful initiatives
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