Salvadoran President Bukele Says Assembly Approved New Digital Securities Law

WASHINGTON (UrduPoint News / Sputnik - 12th January, 2023) Salvadoran President Nayib Bukele said that the country's legislative assembly passed a digital securities law, paving the way for the issuance of Bitcoin bonds.

"El Salvador's Legislative Assembly just approved, by an overwhelming majority, the new Digital Securities Law. Forward, always forward," Bukele said via Twitter on Wednesday.

The National Bitcoin Office (ONBTC) of El Salvador said on Wednesday that the newly passed legislation would pave the way for Bitcoin-backed bonds, also known as "volcano bonds.

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The ONBTC said El Salvador is the epicenter of Bitcoin adoption and the country will once again blaze the path for a "new monetary revolution."

The newly passed legislation aims at creating unprecedented consumer protection from ill-intentioned actors in the world of crypto currencies, the ONBTC added.

The law provides for the creation of a National Digital Assets Commission, which is tasked with applying the securities law to protect digital asset owners, buyers and issuers, according to the ONTBC.