El Salvador has passed landmark crypto legislation providing the legal framework for a Bitcoin-backed bond — known as the “Volcano Bond” — that will be used to pay down sovereign debt and fund the construction of its proposed “Bitcoin City”.

The bill passed on Jan. 11 with 62 votes for and 16 against, and is set to become law after it is ratified by President Bukele.

The BTC bill passed on Jan. 11 with 62 votes for and 16 against, and is set to become law after it is ratified by President Nayib Bukele.

Learn more about your ad choices. Visit megaphone.fm/adchoices