The issuance of Bitcoin bonds in El Salvador is nearing completion. The country's finance minister recently announced that the government would send Congress roughly 20 bills to get the process going. It was then confirmed by President Nayib Bukele on Twitter.
In an interview with local media on Tuesday, Alejandro Zelaya, El Salvador's minister of finance, said that the bills would "provide legal structure and legal certainty to every buyer of the Bitcoin bond."
One billion dollars in bonds will be issued this year, half of which will be converted to Bitcoins, and the other half used to build infrastructure and mine Bitcoins.
The government hopes that the issuance will help create a Bitcoin City powered by geothermal energy from volcanoes in the east of the country.
Zelaya said that because the country is releasing its first Bitcoin bond, regulation is needed, adding that the government is drafting the legislation for the bonds to be issued.
Bitcoin became legal tender in El Salvador last year, making it the first country in the world to do so. Businesses are now required to accept it if they have the technology to do so.
Bitcoin community members praise the move, but the World Bank, IMF, and global credit rating agencies criticize it.
On several occasions, citizens have protested El Salvador's Bitcoin Law.
Besides the Bitcoin bonds, one of the latest projects announced by the cryptocurrency-loving president is Bitcoin City.
Blockstream, a Bitcoin infrastructure company, will issue El Salvador's Bitcoin bonds. The company has also helped installing the Lightning Network (a second-layer solution for making bitcoin transactions faster and cheaper) expand in the country.