El Salvador, the Central American country known for declaring Bitcoin as its national currency, has received approval from CNAD for a BTC bond that will generate revenue from the use of domestic renewable energy resources and the installation of BTC mining facilities. BTC country El Salvador has received regulatory approval to issue BTC-based bonds. The project, which has been planned for many years, is finally planned to start in 2024.
The National BTC Authority of El Salvador announced that these bonds were approved by the Commission on Digital Assets (CNAD) under the name “Volcano Bonds”
El Salvador gained global attention when it adopted BTC as its national currency in 2021. Although this decision initially sparked criticism, President Nayib Bukele remained committed to his belief in BTC investment and continued to take innovative steps.
Renewable Energy and Bitcoin Mining
Using these bonds, El Salvador plans to build a BTC mining facility powered entirely by renewable energy, using geothermal energy from the country’s active volcanoes. The total financing target of this project is 1 billion dollars. Bukele plans to use these funds to create a BTC mining industry based solely on renewable energy sources. The bond is expected to launch in the first quarter of 2024 and will be sold by Bitfinex Securities, the regulated arm of crypto exchange Bitfinex.
