The government of El Salvador has introduced a bill that could set sweeping rules for the local crypto sector and regulate the operations of all digital asset providers in the country. The governing body is also the issue of Blockchain-Bonds a step closer to the development of certain BTC-could support efforts in the Central American nation.
Of the bear market did not change President Nayib Bukele’s pro-Bitcoin stance. He announced last week that El Salvador will buy one BTC every day.
Concentrating on the entire crypto industry
A spokesman for the presidency released a copy of a lengthy bill calling for the establishment of a crypto commission that could oversee the home ecosystem. The first country to make bitcoin legal tender seeks to “provide a legal framework for the transfer of digital assets used in public issuance in El Salvador, as well as regulate the requirements and obligations of digital asset issuers and providers.”
The government has also proposed issuing blockchain bonds with a minimum investment of $100. According to the bill, the nation’s goal is to raise $1 billion through these products and stimulate further development of numerous crypto projects.
$500 million of that amount is earmarked to fund infrastructure for the coastal town of Bitcoin City, which will use geothermal energy from a volcano to mine the asset. Authorities plan to use the remaining $500 million to buy BTC.
The Latin American country made history over the past year by adopting Bitcoin as official tender within its borders. It has also started accumulating amounts of the leading digital currency at the macro level. By mid-November, it had bought 2,381 BTC, which is nearly $40 million (at current prices).
Doubling the Bitcoin strategy
Nayib Bukele – the President of El Salvador – recently announced on Twitter that the government will resume its spending spree and start buying one BTC a day starting November 18th.
The disclosure sparked some excitement in the crypto community, with prominent figures backing the move. The founder of Tron — Justin Sun — even vowed to follow the example set by the Bukele government.
Recent reports suggested that El Salvador could have kept its Bitcoin stash on distressed crypto platform FTX. President Bukele dismissed the rumors in a conversation with Binance’s Changpeng Zhao, claiming that the nation had “never had anything to do” with SBF’s trading floor.
Source: Crypto News Deutsch