Volcano Bond to power El Salvador’s BTC mining

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Updated January 12, 2023 | Published January 12, 2023

2 mins read

The new digital asset will be used to cover sovereign debt and power the Bitcoin City project where a powerful mining industry will be set up.

El Salvador has passed important legislation to extend the country’s reach in the regulated Bitcoin (BTC) and cryptocurrency space, introducing a government bond based on digital asset technology.

The new BTC-backed financial mechanism, known simply as the Volcano Bond, will be used to pay for sovereign debt and to help with the building of Bitcoin City.

The Bitcoin City project is designed to use geothermal and volcanic energy to power cryptocurrency mining and transform El Salvador into one of the most ambitious and crypto dependent countries.

Criticized in the past for its risqué approach to cryptocurrencies and public finances, El Salvador and its president, Nayib Bukele, are confident in the success of the projects laid out by the BTC roadmap.

The National Bitcoin Office of El Salvador said that the bill introducing the new bond was voted through with 62 votes in favor and introduced on January 11.

The news was also confirmed by Bitfinex, which will be the technological partner for the bond and a custodian of their integrity.

Bitfinex confirmed that the country is looking to leverage the digital bond in order to bolster its public purse and power a new industry that will harness the Conchagua volcano and make it possible for the government to use “free power” to generate more BTC.

The gamble that El Salvador is taking on the digital economy has been frowned upon from the likes of the International Monetary Fund and the World Bank.

Despite the collapse of FTX, one of the biggest exchanges in the world, El Salvador doesn’t seem to have flinched and sees itself as an originator of stability in the crypto industry instead.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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