The President of El Salvador, Nayib Bukele, seems to be starting the new year with a bang – and has introduced new developments as well as crypto-friendly legislation.
Bukele is preparing to propose 20 new Bitcoin laws to Congress
Bukele has published a number of crypto-related Twitter posts so far this year, including one that the government is preparing to propose “20 new laws” to parliament, claiming that all of this will bring “innovation and financial freedom in El Salvador. ”
According to ElSalvador.com, in many cases these laws could affect Bitcoin (BTC) and would also attempt to create a “Central American debt market”. Some MEPs have expressed support for the action, but some details have yet to be disclosed.
Regardless, Bukele and his “vast majority” of the Nuevas Idea Party in Parliament will likely pass the laws once they come into effect.
The controversial leader also changed his Twitter biography to “CEO of El Salvador” (he had previously “joked” himself as the “emperor” and “dictator” of the country of El Salvador in response to media criticism).
Bukele’s Bitcoin-related development plan
Bukele has also teased many BTC-related developments in El Salvador and made several predictions for the coming year in relation to Bitcoin. He predicts that the token will “reach $ 100,000” and that “two more countries will adopt it as legal tender”.
He promises that the Bitcoin City project will “start construction” and that the “volcanic” Bitcoin bonds will be “oversubscribed” – adding that a “big surprise” will be held at the Bitcoin conference in Miami ( probably in April) will come.
ElSalvador.com added that the new laws could refer to what Blockstream and Pixelmatic’s Samson Mow briefly referred to as “digital securities”.
Mow shared an article quoting him as saying that the “volcanic bond” was a 10-year product due in 2032 and “carries a coupon of 6.5%”.
He stated that “this novel government bond is much more popular with Bitcoin investors than it is with the general investor public,” but “yield-hungry” institutions are likely to “grab the bonds.”
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