El Salvador has emerged on the world map in the 21st century as the first country to list Bitcoin as a legal tender. Following the example of El Salvador several other countries have also decided to follow suit and some are working to get the job done. In previous years, El Salvador has taken steps such as issuing a government-sanctioned Bitcoin wallet called Chivo.
The government of the Central American nation has also decided to fund a geothermal power plant. On the other hand, the government has also shared the plans for Bitcoin city. The latest step towards ingraining Bitcoin into their economy is taken by the legislative assembly of El Salvador.
The legislative Assembly of El Salvador has passed the digital securities bill this week. The new legislative structure of the country will allow the relevant entities to issue Bitcoin bonds. This bill was presented in the assembly for consideration last year in November. As per the local media report, the bill was passed unanimously getting 62 votes in support.
The new regulatory clarity introduced by the bill will allow the transfer of legal operations to a digital asset that is issued as a public offering within the legal jurisdiction. The media also reported that an important objective of the bill is to make the publication of the volcano bonds possible.
Some legislators had negative remarks regarding the bill before voting and claimed that the bill did not address the concerns of the masses.
El Salvador’s Bitcoin Adoption Policies
It is important to note that Bitcoin integration into the economic fabric of the country was initiated by its current president Nayib Bukele. During the crypto winters, Bukele declared his aim to add 1 Bitcoin every day to the national reserve. Some major media publications such as Bloomberg criticized this idea as a failure and full of lies.
However, the political approval ratings for Bukele remained visible high on account of his Bitcoin policies. On the other hand, there are some supporters such as billionaire Tim Draper who opines that the Bitcoin integration of the nation will add El Salvador to the league of richest nations.
On the other hand, the Salvadorian government is also investing in spreading Bitcoin education and awareness to make the transition easier.