Volcanic eruption for Bitcoin – After doing it for the first time Bitcoin (BTC) is a fiat currency on September 7, 2021, the savior enters history once again in this month of January 2023. This Wednesday, January 11, the Salvadoran Assembly indeed adopted a new law that will allow the enactment of the eagerly awaited the volcano leaps. Renowned Volcano Tokenthis brand new type of government bond will be established on bitcoin.
El Salvador approves the law on the issuance of digital assets
It has already been more than a year and a half (June 2021) that the Legislative Assembly of savior the president followed Nayib Bukele on his proposal to make bitcoins the national currency of the country. The small Central American nation is now crossing a new historic milestone, which will facilitate even more adoption and integration cryptocurrencies within its economy.
On January 11, 2023, the Salvadoran Assembly so adopted by a large majority – 62 votes against 16 –the new “Ley of Emission of Digital Actives”. Or, in Moliere’s language, the ” Digital Assets Issuance Act “.
As the mentioned Bitfinex on his blog, this new regulatory framework was the first step to take in view of the issuance of the famous the volcano leaps (who will have been desired since their initial announcement). Those state bonds it will be the first in the world to be based on a crypto-asset, in this case Bitcoin.
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Bitcoin Volcano tokens, ready to explode?
Before getting back to Volcano bonds, let’s remember that this law also covers everyone types of cryptocurrencies. Altcoins, stablecoins, non-fungible tokens (NFTs), security tokens : this law gives them a regulatory and legal framework clear. The dream of every actor in the cryptosphere, both for individuals and companies.
Regarding Volcano Token – because yes, it will be his final name – will have its own show three goals principals: repay the debt sovereignty of the country, build an infrastructure of bitcoin miningand finance the construction of Bitcoin City.
The target amount to increase is $1 billion. This for compensate for the refusal of the loan (of the same amount) of International Monetary Fund (IMF), which wanted to sanction El Salvador’s adoption of Bitcoin. But now, as the tweet below points out, Volcano tokens are not more than a signature ratification of the law by President Nayib Bukele.
Signature that should arrive shortly, as it is the office of Presidency which forwarded and presented this text digital asset issuance bill in the Assembly, in November 2022. If these Volcano tokens really see the light of day in El Salvador, the earthquake promises to be planetary, especially in the small world of government bonds. And supranational organizations like the IMF are at risk not be happyat all.
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