The Securities Bill was introduced in El Salvador. Maria Luisa Hayem Brevé, the Minister of Economy of El Salvador, introduced measures to support the legal transfer of digital assets, enabling the country to create a “volcano” chain supported by bitcoins.
Compliance with the measure, which was proposed earlier this year, marks the first step before the chain can go public. A source close to President Nayib Bukele told Bitcoin Magazine that the next step is to get it, and that should happen before Christmas. On the 17th of November, the plan was sent to the government and presented to Congress in the future. Also, El Salvador plans to grant Bitfinex a license that will allow the exchange to manage and list the entry of connections.
Paolo Ardoino, CTO of cryptocurrency exchange Bitfinex, tweeted: “Digital securities law will enable El Salvador to be the financial center of central and south America.”
El Salvador does not give up
El Salvador’s explosive plan to attract investors and investors was first unveiled at this time a year ago. The Bitcoin chain was given to use Blockstream’s water network for a total of $1 billion, and their money will be used to support the widespread use of volcano-fueled Bitcoin mining in the country at the time. From the proceeds from the bond, $500 million will go directly to bitcoin, and the same amount will be invested in building bitcoin power and mining infrastructure in the region.
Bond buyers will receive a 6.5% annual yield and a citizen rating. Once the first $500 million is converted into fiat currency, the government will distribute half of the remaining revenue to investors in the form of a Bitcoin dividend.
These distributions will take place once a year using Blockstream’s asset management system. In addition, Nayib Bukele, the President of El Salvador and a well-known Bitcoin supporter, recently predicted that a trustless system will replace the central banking system currently used in the West.