{"id":16371,"date":"2023-01-12T10:47:18","date_gmt":"2023-01-12T10:47:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/volcano-bonds-one-step-closer-in-el-salvador-after-passing-of-law\/"},"modified":"2023-01-12T10:47:18","modified_gmt":"2023-01-12T10:47:18","slug":"volcano-bonds-one-step-closer-in-el-salvador-after-passing-of-law","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/volcano-bonds-one-step-closer-in-el-salvador-after-passing-of-law\/","title":{"rendered":"&#8216;Volcano Bonds&#8217; One Step Closer in El Salvador After Passing of Law"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>El Salvador\u2019s Legislative Assembly passed a bill that regulates the issuance of digital assets other than bitcoin on Wednesday. A legal framework that permits the issuance of a <a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/what-is-a-bitcoin\/\">Bitcoin<\/a>-backed bond, also known as the Volcano Bond, was incorporated into the legislation.<\/p>\n<p>Nayib Bukele, the president of El Salvador, stated in <a href=\"https:\/\/igaming.org\/crypto\/september-7-bitcoinday-in-el-salvador\/\">September<\/a> of 2021 that the Central American government had made bitcoin legal tender <a href=\"https:\/\/igaming.org\/crypto\/el-salvador-is-ready-to-embrace-bitcoin-as-legal-tender-on-september-7\/\">earlier that year<\/a>, and intended to spend $1 billion using bitcoin-backed bonds. The proposed document quickly gained notoriety as the Volcano Bonds because the funds were intended to be used to create a bitcoin mining sector and \u2018<a href=\"https:\/\/igaming.org\/crypto\/bitcoin-city-announced-in-el-salvador-powered-by-volcanoes\/\">Bitcoin City<\/a>\u2018 that was entirely powered by renewable energy, including the energy provided by active volcanoes.<\/p>\n<p>The bond issuance was originally scheduled for March 2022, however, it was <a href=\"https:\/\/igaming.org\/crypto\/el-salvador-to-delay-bitcoin-bonds-launch-by-2-to-3-months-more\/\">postponed<\/a> numerous times, primarily due to the devastating bitcoin market of 2022. The digital assets legislation was ultimately submitted to the Legislative Assembly, where Bukele\u2019s party, Nuevas Ideas, has a significant majority, at the conclusion of November 2022. Today, 62 representatives supported the legislation, while 16 opposed it.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/volcano-bonds-one-step-closer-in-el-salvador-after-passing-of-law\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) El Salvador\u2019s Legislative Assembly passed a bill that regulates the issuance of digital assets other than bitcoin on Wednesday. A legal framework that permits the issuance of a Bitcoin-backed bond, also known as the Volcano Bond, was incorporated into the legislation. Nayib Bukele, the president of [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":16372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16371"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16371"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16372"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}