World’s First Bitcoin Bonds Receive Regulatory Approval in El Salvador

The bonds are expected to launch in Q1 of 2024, several posts amplified on social platform X by President Nayib Bukele suggest.

AccessTimeIconDec 12, 2023 at 3:36 a.m. UTC
Updated Mar 8, 2024 at 6:33 p.m. UTC

El Salvador’s long-planned bitcoin (BTC) bonds have inched closer to reality after apparently receiving regulatory approval for an early 2024 issuance, the country’s bitcoin-focused office posted on Tuesday.

The bonds are set to be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex.

“The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD),” El Salvador’s National Bitcoin Office posted from its X handle. “We anticipate the bond will be issued during the first quarter of 2024.”

President Nayib Bukele apparently confirmed the approval on X, posting “Wen volcano bond?” early Tuesday and reposting several posts that said the bonds would be issued in Q1 2024.

The so-called “Volcano bonds” were announced in 2021 by President Nayib Bukele shortly after he passed a law recognizing bitcoin (BTC) as legal tender in the country.

Bukele’s target was to raise $1 billion via the bitcoin-backed bonds – seeding a bitcoin mining industry reliant solely on renewable energy, including that generated by the country’s active volcanos.

Issuance was initially planned for March 2022 but was postponed several times. However, the digital assets bill was finally introduced in the Legislative Assembly at the end of November 2022, where Bukele’s party, Nuevas Ideas, has a large majority.

Sixty-two legislators voted for the law today, and 16 voted against it, and the law was finally passed in January 2021.

The development is the second major bitcoin-focused move in as many weeks. Earlier, El Salvador kickstarted its "Freedom VISA" program, doling out residency to a maximum of 1,000 people annually who invest at least $1 million worth of bitcoin or tether (USDT) stablecoins.

Edited by Shaurya Malwa.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Read more about