El Salvador's Bitcoin Bonds Approved, Targeting Q1 Launch

El Salvador's Bitcoin bonds, known as "Volcano bonds," have reportedly received regulatory approval from the Digital Assets Commission (CNAD) and are expected to be issued in the first quarter of 2024. The bonds will be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex. President Nayib Bukele aims to raise $1 billion through these bonds to support a bitcoin mining industry powered by renewable energy, including that generated by the country's active volcanos. This development follows El Salvador's recent launch of the "Freedom VISA" program, offering residency to individuals who invest at least $1 million worth of bitcoin or tether stablecoins.