Amid the crypto market downturn, El Salvador finally made a decisive step to the realization of its ambitious “Bitcoin bonds” project. The Minister of the Economy, Maria Luisa Hayem Brevé, introduced a bill confirming the government’s plan to raise $1 billion and invest them into the construction of a “Bitcoin city.”
A 33-page digital securities bill, dated Nov. 17, urges lawmakers to create a legal framework using the digital assets in public issuances by El Salvador. They should also consider all the requirements for this procedure and the obligations of issuers and asset providers.