Nayib Bukele announced in November that his plan to build Bitcoin City would initially be backed by bitcoin bonds. The initial amount would be $1 billion for a period of 10 years. The government announced that it is preparing to send to Congress a score of bills in the financial field with a view to launching an unprecedented issuance of bonds in Bitcoin.
El Salvador became the first country in the world in September to adopt cryptoassets as legal tender, in parallel to the US dollar, and in November its president, Nayib Bukele, announced a plan to build the first «Bitcoin City», initially funded. with bonds backed by bitcoins.
In an interview, Finance Minister Alejandro Zelaya stated that «this type of legislation is what we are going to send to the Legislative Assembly to be able to give legal scaffolding and legal certainty to all those who buy the Bitcoin bond.»
The government reported at the end of last year that the first issuance of bonds backed by Bitcoin would be made in 2022 for an initial amount of 1 billion dollars and a term of 10 years.
The authorities detailed last November that half of the funds raised would be used for the construction of infrastructure and the other half for the purchase of cryptocurrency.