- The legislation was officially enacted today, according to the ONBTC.
- It also clears the door for us to start issuing volcanic bonds.
Although substantial use of digital assets already existed in El Salvador. The country’s formal acceptance of a regulatory framework for all cryptocurrencies marks a significant step forward. The legislation was officially enacted today, according to the National Bitcoin Office of El Salvador (ONBTC).
In light of its “first-mover advantage.” The county has passed “landmark legislation establishing a legal framework for all digital assets that are not bitcoin.” As stated in the official statement. It further states that “volcano bonds,” which are expected to be issued shortly. Will be possible after this law is enacted.
Wider Adoption of Cryptocurrencies
Today, El Salvador expands on this pioneering effort. By enacting historic legislation that creates a legal framework for all digital assets other than bitcoin. It also clears the door to start issuing volcano bonds, which will be a new financial instrument thanks to this legislation.
Bitcoin is recognized as legal money in a nation noted for its support of the development and widespread use of digital assets. With the passage of this brand-new legislation, the government may move ahead with its commitment to the widespread use of cryptocurrencies.
The ONBTC said that the new digital securities legislation provides “unprecedented consumer protection from bad actors in the ‘crypto’ space while also firmly establishing that we are open for business to all those who wish to build the future with us on bitcoin.”
Furthermore, the law establishes what ONBTC refers to in a series of Tweets as the “National Digital Assets Commission.”
