El Salvador's Bitcoin bonds, known as "Volcano Bonds," are set to launch in Q1 of 2024, following recent regulatory approval by the Digital Assets Commission (CNAD).
The bonds will be offered on Bitfinex Securities, a division of the cryptocurrency exchange Bitfinex.
President Nayib Bukele confirmed the development on social media, aligning with his earlier announcement of the Bitcoin-backed bonds in 2021.
The initial plan is to raise $1 billion through these bonds to establish a Bitcoin mining industry powered by renewable energy, including geothermal energy from the country's volcanoes.