El Salvador's Bitcoin Bonds Approved for Launch, Offers Citizenship for $1 Million Investment

El Salvador has received regulatory clearance for the release of its $1 billion Volcano Bonds, which are part of President Nayib Bukele's plans to build a "Bitcoin City." The bonds, expected to launch in early 2024, will trade on Bitfinex's securities platform and will be denominated in dollars. Half of the proceeds will be allocated to volcano-powered Bitcoin mining infrastructure, while the rest will be invested in Bitcoin. The bonds were originally planned for release in March 2022 but faced delays due to factors such as declining Bitcoin prices and regulatory issues.