El Salvador Goes All In on Bitcoin: 20 Bills Sent to Congress Over BTC Bonds

El Salvador's ambitious plan to embrace Bitcoin continues with a significant legislative push. The government is preparing 20 bills to send to Congress in order to create the legal framework to raise $1 billion through issuing Bitcoin bonds. This move underscores El Salvador's commitment to leveraging cryptocurrency for economic development.

Legal Framework for Bitcoin Bonds Takes Shape

After announcing Bitcoin Bonds last November, El Salvador’s government will now send to congress the legal framework for its issuance. These bills aim to provide a comprehensive legal foundation for the innovative financial instrument. El Salvador plans to send Congress about 20 bills to provide a legal foundation for issuing bitcoin bonds, Reuters reports, citing Finance Minister Alejandro Zelaya. The goal is to attract investment and further integrate Bitcoin into the national economy.

Congress Approves Amendment to Bitcoin Law

SAN SALVADOR - El Salvador's Congress on Wednesday swiftly approved a bill sent just minutes earlier by President Nayib Bukele to amend its bitcoin law to comply. This demonstrates the government's agility in adapting its legal framework to the evolving needs of its Bitcoin strategy. These legal updates are crucial for ensuring the smooth operation of the Bitcoin bond issuance.

The Inaugural Bitcoin Bond

To further elevate the presence of Bitcoin in El Salvador, the government had revealed that they would roll out Bitcoin bonds. The inaugural Bitcoin bond would reportedly be a key component of the country's Bitcoin strategy. With these 20 bills, El Salvador seeks to solidify its position as a pioneer in cryptocurrency adoption.

Stay tuned for updates on the progress of these bills and the launch of El Salvador's Bitcoin bonds. This is a developing story with potential global implications for the adoption of cryptocurrency.