El Salvador, known for being the first country to make Bitcoin a legal tender, passed a new bill on cryptocurrencies. Announced on Twitter, the bill provides a legislative framework for a Bitcoin-backed bond, called “Volcano Bond”, but it also characterizes all crypto assets aside from Bitcoin as securities.
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El Salvador is #Bitcoin country.
Bitcoin is money.
Everything else is a security. pic.twitter.com/jXJUpvWz5r
— The Bitcoin Office (@bitcoinofficesv) January 11, 2023
The aim of this new legal framework is to ensure « unprecedented consumer protection », in a context where a lot of regulators worldwide are looking to speed up harsher regulations, following the fall of the FTX empire. A new agency is being created, which will be tasked with applying securities laws and protecting customers as well as issuers in El Salvador.
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