El Salvador Passes Bitcoin-Backed Bond Known As Volcano Bond

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El Salvador has approved legislation known as Volcano Bond

This Volcano Bond is the one that gives a legal framework for a Bitcoin bond.

The sovereign debt can be paid through this bond and funding Bitcoin City construction.

The bill passed on Jan 11 will be a law once it is approved by the country’s president, Nayib Bukele.

Also, Bitfinex exchange, a technology provider of the bond will support El Salvador in raising capital.