El Salvador has entered into a deal with crypto firms Blockstream and iFinex to further their efforts in the Bitcoin (BTC) market.
According to Blockchain, the country is preparing to issue so-called Bitcoin bonds to “accelerate hyperbitcoinization and bring a new financial system on top of Bitcoin.” El Salvador can issue $1 billion worth of bitcoin bonds through Blockstream’s Liquid Network. Proceeds from the bond issuance could support the development of volcano-powered Bitcoin mining.
“This bond offering is something we think will be attractive to a wide range of investors, from cryptocurrency investors to return-seeking investors, HODLers and ordinary folks,” Blockstream wrote in a blog post.
Having legally accepted Bitcoin in the country earlier this year, El Salvador is preparing to issue the country’s first crypto license to Bitfinex’s parent company. “Finex focuses on helping the government write digital tokenized securities law, and the government will provide iFinex with the first license in this new regulatory framework so that the ES government will issue and launch volcano mining bonds on bitfinex securities,” said Paolo Ardoino.
El Salvador’s President Nayib Bukele said last summer that he will leverage the country’s volcanoes to mine Bitcoin through “100% clean, 100% renewable, zero-emissions energy.”