El Salvador’s Bitcoin Bonds, Cities, and Passports Await Bukele Win

Bukele raising both hands in a victory sigh and bitcoin logo beside him

Defying criticism, El Salvador vows to continue its Bitcoin experiment under President Bukele, including bonds, tax-free cities, and investor passports. While facing pressure from the IMF, the government sees crypto as a key to future growth.

An Unwavering Commitement

El Salvador’s commitment to Bitcoin remains unwavering, as evidenced by Vice President Felix Ulloa’s recent statements. Despite facing criticism from the International Monetary Fund (IMF) and others, the Bukele administration intends to forge ahead with its ambitious crypto plans. These include Bitcoin-backed bonds, the construction of a tax-free “Bitcoin City,” and the issuance of passports to investors contributing $1 million in cryptocurrency.

Policy Change for Loan

This unwavering stance comes just days before an election Bukele is widely expected to win. It directly contradicts the IMF’s request to “reconsider” the Bitcoin legal tender status as a condition for a $1.3 billion loan. However, the recent approval of Bitcoin-linked ETFs in the US strengthens El Salvador’s resolve, viewing it as a global endorsement of crypto adoption.

“Not only will the law be maintained,” Ulloa declared, “but it enjoys the greatest credibility in the entire world.” This confident assertion reflects the government’s belief in Bitcoin’s transformative potential, despite volatility and regulatory concerns.

Bitcoin Bonds Expected

Victorious in the upcoming election, the Bukele administration will reportedly launch Bitcoin bonds in Q1 2024. Alongside this, the much-discussed Bitcoin City initiative and investor passports remain on track.

El Salvador’s bold experiment continues to draw scrutiny and debate. While some laud its pioneering spirit, others caution about the risks and lack of transparency. Regardless of stance, one thing is certain: El Salvador’s Bitcoin journey serves as a unique case study with global implications for cryptocurrency adoption and its role in national economies.

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Author: Candace

Candace loves the arts. She holds some bitcoins.