Are Bitcoin Bonds on the Horizon? Elsalvador bitcoin bond
- Shams ul Zoha
- January 11, 2023
- 4:08 pm
WHAT YOU SHOULD KNOW
- El Salvador has passed a law that allows the government to issue Bitcoin bonds.
- A new agency will be created to manage the country’s digital assets.
The El Salvadorian Legislative Assembly has passed a law unanimously that will allow for the issuing of digital assets. This opens up the possibility for the government to issue elsalvador bitcoin bond, which will be backed by the government.
El Salvador is set to become the first nation in the world to offer legal bonds, a framework championed by President Nayib Bukele.
The new law has been enacted to create a legal structure for the use of digital assets in public offerings, such as Bitcoin bonds. This law provides users with a greater sense of legal security when engaging in these activities.
Digital asset service providers would be subject to rigorous registration protocols and must abide by a variety of laws and regulations if a proposed law is enacted.
Organizations must create an exhaustive inventory of digital assets that they plan to make available, including a description of the advantages, restrictions, and limitations of each asset.
Additionally, organizations must show that they can put in place effective cybersecurity protocols and uphold top-notch customer service.
In ElSalvador.com, it was reported that Bitcoin is accepted as a legal currency in the country, yet some legislators have expressed worries about the regulations surrounding its use. They fear that it could be utilized for money laundering, tax avoidance, and increased indebtedness.
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