The Legislative Assembly of El Salvador finally passed the Digital Assets Issuance Law, which establishes the rules for the state to open cryptocurrency-related public offers.
The Legislative Assembly of El Salvador approved the Digital Assets Issuance Law, a framework that will allow the country to issue crypto-related debt instruments. The approved law, which was passed thanks to the majority that President Nayib Bukele has in Congress, serves as a base for the issuance of the long-expected volcano bonds.El Salvador has taken another step in the way of integrating blockchain technology with the financial operations of the state.
The document also creates the bitcoin funds managing agency, an autonomous institution that will manage the funds the state will obtain with the issuance of cryptocurrency-based bonds, and will have a direct relationship with the Treasury of El Salvador.
The volcano bonds were projected to be issued by El Salvador last year, but the government repeatedlyissuance due to the conditions of the cryptocurrency market and the rise of the Ukraine-Russia conflict, according to statements made by Alejandro Zelaya, the Treasury Minister of the country.
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