Regulators in El Salvador have approved the world’s first Bitcoin (BTC) bond.
The Government of El Salvador said it plans to issue the first crypto bond in early 2024 through Bitfinex Securities, a division of cryptocurrency exchange Bitfinex.
“We anticipate the bond will be issued during the first quarter of 2024,” El Salvador’s National Bitcoin Office posted on social media site X.
The Bitcoin bonds, also known as “volcano bonds,” were first announced in 2021 by El Salvador’s President Nayib Bukele.
The target continues to be for El Salvador’s government to raise $1 billion U.S. via Bitcoin-backed bond issues.
In 2021, El Salvador became the first country in the world to declare Bitcoin legal tender.
More recently, the country launched a “Freedom Visa” program whereby it gives residency to the first 1,000 people each year who invest $1 million U.S. or more in Bitcoin.
The upcoming issuance of the Bitcoin bond comes as the price of the largest cryptocurrency by market capitalization has rallied more than 150% in 2023 to trade at $41,950 U.S.
