El Salvador's much-anticipated Bitcoin Volcano Bonds have received regulatory approval, with a planned launch in the first quarter of 2024.
The National Bitcoin Office, established by President Nayib Bukele, announced the approval from the Digital Assets Commission (CNAD), marking a significant step for bitcoin-based capital markets in the country.
The initial bond offering is expected to reach $1 billion, aiming to fund the development of Bitcoin City through digital debt instruments.
Stacy Herbert, director of the Bitcoin office, highlighted the goal of establishing new capital markets centered around bitcoin, with the sovereign bond serving as a pivotal element.