El Salvador announced last month that it would issue 1 billion USD worth of bitcoin-backed bonds. Its finance Minister said today that legislation is in progress and the government will submit about 20 bills to Congress to further the process.
“(This is) to provide a legal structure and legal certainty to everyone who buys the bitcoin bond,” El Salvador finance Minister Alejandro Zelaya said on Tuesday.
Earlier news says El Salvador plans to issue 1 billion US dollars of 10-year US dollar-denominated bonds with a coupon rate of 6.5%. The bonds will be issued sometime in the first quarter of 2022, and 300 million U.S. dollars has been pledged.
Of the 1 billion USD raised by El Salvador, 500 million will be used to build bitcoin mining infrastructure and energy supplies, while the other US$500 million will be used to purchase more bitcoins and keep them in the national treasury.
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