Bitcoin (BTC) bonds in El Salvador are moving closer to reality as the price target is set at $45,000

El Salvador's long-planned Bitcoin bonds are moving ever closer to reality after it appears to have received regulatory approval for an issuance in early 2024, the country's Bitcoin-focused office released on Tuesday.

The bonds will be offered on Bitfinex Securities, a regulated division of the crypto exchange Bitfinex.

“The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD),” El Salvador’s National Bitcoin Office posted on its X-handle. “We expect the bond to be issued in the first quarter of 2024.”

President Nayib Bukele appeared to confirm approval of

The so-called “Volcano Bonds” were announced by President Nayib Bukele in 2021, shortly after he passed a law recognizing Bitcoin (BTC) as legal tender in the country.

Bukele's goal was to raise $1 billion through the Bitcoin-backed bonds and use it to create a Bitcoin mining industry that relies entirely on renewable energy, including energy generated by the country's active volcanoes.

The issue was originally scheduled for March 2022, but was postponed several times. However, the digital assets bill was finally introduced in the Legislative Assembly in late November 2022, where Bukele's Nuevas Ideas party has a large majority.

62 MPs voted for the law today, 16 voted against, and the law was finally passed in January 2021.

The development is the second major Bitcoin-focused move in as many weeks. Previously, El Salvador launched its “Freedom VISA” program, which grants residency to a maximum of 1,000 people annually who invest at least $1 million worth of Bitcoin or Tether stablecoins (USDT).

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