El Salvador's new law proposals could make the arrival of Volcano Bonds a reality, which will facilitate the construction of Bitcoin City.
Nayib Bukele, president of El Salvador, has signed the order for the creation of the National Bitcoin Office, which will depend directly on the presidency of the nation, and will focus on regulating everything related to Bitcoin.
According to Official Journal, the National Bitcoin Office of El Salvador will be in charge of supervising, designing, planning, programming, monitoring and coordinating, as well as analyzing and evaluating all plans, programs and projects that are related to Bitcoin.
The creation of this new regulatory body makes clear the importance of Bitcoin in the country. After the entry into force of the Bitcoin Law more than a year ago, cryptocurrency has become a highly valued financial asset. social and economic importance for El Salvador.
Furthermore, it is expected to find new ways to make this asset and its ecosystem profitable, attracting talent and new projects that want to build solutions on the blockchain.
It is for this reason that it has been considered appropriate to create a national authority that evaluates everything related to Bitcoin, focusing on the economic development of the country. In this sense, the Office will also collaborate with other countries on issues related to cryptocurrency.
In addition, it will offer its support to companies and investors, local and foreign, who want to invest or work in the country.
The text presented by President Bukele also contemplates the creation of a Bitcoin Fund Management Agency and the Registry of Digital Asset Service Providers.
A new law for digital assets in El Salvador
The new organizations proposed by the presidency are just one more step in El Salvador's crypto policy.
The country's Minister of Economy, María Luisa Hayem Brevé, presented the bill of law for the creation of a National Digital Assets Commission, which aims to “offer legal certainty to transfer operations of any digital asset used in public offering issues in El Salvador.”
In this way, the National Digital Assets Commission would be in charge of apply the regulations contained in the Digital Assets Law and would be the guide for public offerings of digital assets. It will also be responsible for enforcing laws on the rights of cryptocurrency buyers and the general public, as well as their promotion and competitiveness.
This Commission will be in charge of regulate and monitor all initial public offerings (ICOs), ensuring that the integrity of the market is respected and that interested parties receive the necessary information.
A boost for “Volcano Bonds”
With these bills underway, the expected El Salvador Volcano Bonds They could be a reality. For now, these proposals are in the hands of the Economy Commission, if it considers them valid, they will be debated in Congress. We remember that the 50% of everything obtained through the “Volcano Bonds” It will go towards the construction, development of energy infrastructure and Bitcoin mining of Bitcoin City, while the rest will go towards buying more Bitcoin.
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