El Salvador has pushed through landmark legislation allowing for the issuance of Bitcoin-backed bonds, which will be used to pay off sovereign debt and fund its Bitcoin City.
Speaking to Cointelegraph Samson Mow, a Bitcoin proponent who has been involved in the development of the Volcano Token, suggested that the bill's passage could help turn the country into a"major" financial hub.
“The move to pass the new Digital Securities Law, and enabling new instruments like the Bitcoin Bonds, will help El Salvador to pay off their existing debts, and will be critical to transforming the country into a major financial center of the world.” The bill also includes a legal framework for all digital assets that are not Bitcoin, in addition to those issued on Bitcoin, and creates a new regulatory agency that will be in charge of applying the securities law and providing protection from bad actors.
5/ The new legislation also creates the National Digital Assets Commission, the regulating agency in charge of applying the securities law and protecting the rights of digital asset purchasers as well as issuers in El Salvador, and of deterring fraudsters from operating here.
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