El Salvador's Bukele Says 52 Bitcoin Reforms Are ‘In the Oven', Critics Hit Out at Lack of Adoption Benefits
On the six-month anniversary of El Salvador’s adoption of bitcoin (BTC) as legal tender, President Nayib Bukele stated that he will unveil 10 new BTC-specific legal reforms next week – with over 40 more to come.
The reforms are likely to center on ways the state can issue bitcoin bonds – which Bukele and his government said they hope will fund the construction of the Bitcoin City project. The new city will be a tax-free haven for international bitcoiners.
Bitcoin was adopted as legal tender in an act that passed on September 7 last year.
On Twitter, Bukele spoke in response to a post from the crypto advocate and social media influencer Adel de Meyer, who tagged the Salvadoran leader, writing:
“How far are you with those reforms in El Salvador? I really want to take my bitcoin and brains out of these rich west countries for a while, maybe forever.”
Bukele has attracted many critics in the crypto community, but the President appears to have caught the eye of a number of figures with promises of coming “volcano bonds,” so named because the city will be built at the foot of a volcano producing geothermal power for bitcoin miners.
As previously reported, Samson Mow, former chief strategy officer of Blockstream and a recent ally of Bukele’s adoption plans, explained last year that the bond offering would be partly “converted to bitcoin,” with 50% of the bond fee to be “used for infrastructure and bitcoin mining powered by geothermal energy.”
Mow has subsequently explained that Bukele was planning to follow up with legislation that would allow the state to issue the bonds. El Salvador is looking to raise USD 500m with the bond issuance, but has no legal infrastructure in place to make a bond issuance in anything other than fiat.
Howeve
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