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El Salvador will launch 'bitcoin bond' that pays special dividend amid plans for new crypto city
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markets.businessinsider.comSecretaria de Prensa de La Presidencia/Handout via Reuters
El Salvador is partnering with digital assets firm Blockstream to raise about $1 billion for a «bitcoin bond,» President Nayib Bukele announced Saturday.
Half of the funds raised from the bond will be used to purchase more bitcoin, and the other half will be used for energy and bitcoin mining infrastructure.
Blockstream is developing a tokenized financial instrument for the 10-year «bitcoin bond,» which will pay 6.5% initially, according to Coindesk. Then El Salvador will sell bitcoin after a five-year lockup period, allowing it to pay a special dividend on the bonds.
Meanwhile, Bukele also said El Salvador is launching the world's first «Bitcoin City,» funded by cryptocurrency.
The
Read more on markets.businessinsider.comAbout this in other media
Bitcoin too volatile to be adopted as legal tender, says BoE chief cointelegraph.com /2 years ago
Explained: Why IMF does not support El Salvador’s use of Bitcoin as legal tender cnbctv18.com /2 years ago
Explained: All about El Salvador's volcano-powered bitcoin bond economictimes.indiatimes.com /2 years ago
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