El Salvador has signed an agreement with crypto companies Blockstream and iFinex to advance its efforts in the Bitcoin market.

According to Blockstream, the country will issue so-called Bitcoin bonds to accelerate hyper-Bitcoinization and create a new financial system based on Bitcoin.

The country will issue $ 1 billion worth of Bitcoin bonds through Blockstream’s Liquid Network. The proceeds from the bond can support the development of Bitcoin mining through volcanoes.

“This bond offering is something we believe will appeal to a wide range of investors, from crypto investors, for-profit investors, HODLers to the general public.” “We believe this bond has the potential to accelerate hyperbitcoinization,” Blockstream said in a blog post.

El Salvador, where Bitcoin was legal tender in the country as of September this year, will be granting its first crypto license to iFinex, the parent company of Bitfinex and Tether (USDT).

“IFinex is focused on helping the government draft a digital asset securitization law and the government will grant iFinex the first license under this new regulatory framework to allow the El Salvador government to issue and issue its volcanic mining bonds on Bitfinex securities Bitfinex CTO Paolo Ardoino said in a statement to The Block.

The President of El Salvador, Nayib Bukele, has announced that it will use the country’s volcanoes to mine Bitcoin through “100% clean, 100% renewable and 0% emissions”. The profits from Bitcoin were used by President Bukele to build a public school and an animal hospital.

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According to The Block

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