Improving legislation and oversight, plans to announce BTC contract in El Salvador approaching.

Bitcoin bond announcements are getting closer and closer in El Salvador. The Treasury Secretary said today that the government will bring up to 20 bills to Congress to start the process. President Nayb Bukele later confirmed this on Twitter.

The National Treasury has pointed out that we are the first country to announce a Bitcoin bond. And since we are the first country to do so, we need care and the government has written the necessary terms of the deal. for

El Salvador became the first country in the world to legalize Bitcoin last year. The move was hailed by the Bitcoin community but has been criticized by the World Bank, the International Monetary Fund (IMF) and international financial institutions. Citizens have also resumed protests against El Salvador's Bitcoin policy. The president of the bitcoin-loving country has also announced crypto-related activities, with Bitcoin Bond and Bitcoin City on the latest venture. for

El Salvador announced last month that it would announce a bitcoin support deal. He plans to announce a 10-year US $ 1 billion bond with a 6.5% coupon. The securities are expected to be issued in the first quarter of 2022. Here, $ 300 million has been pledged. Of the $ 1 billion that El Salvador has raised, $ 500 million will be spent on Bitcoin energy and mining infrastructure, and $ 500 million will be used for additional Bitcoin purchases and financial monitoring.

The government is hoping the announcement will help create a Bitcoin town (the Bitcoin town is to be built at the foot of the Conchagua volcano) for Bitcoin supporters in the east, using geothermal energy from neighboring volcanoes. Salvadoran President Nayb Bukele did not give a full completion date for the city, but previously estimated it would cost around 300,000 BTC (£ 12.9 billion) to complete the urban infrastructure project.

El Salvador President Nayves Bukele also announced his plans for Bitcoin by 2022, saying Bitcoin City will start forming and Volcanic Bonds will be oversubscribed.

El Salvador's Bitcoin contract is provided by Blockstream, the Bitcoin infrastructure company that aided the Lightning Network, a second solution that makes Bitcoin trading faster and cheaper, expanding nationwide. . for

Regarding the announcement of the Bitcoin contract, Moody's said that the announcement of the Bitcoin contract by the government of El Salvador poses significant risks for investors and insurers who have already been.

And Bitcoin expert Greg Foss has expressed his support for the move. He believes the contract will attract more investors. According to Forth, the Bitcoin deal is not only a good investment, but "provides more foreign exchange options for El Salvador," Force said. Flexibility outside of the “freed up” International Monetary Fund (IMF).