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Bitfinex CTO Paolo Ardoino Says El Salvador’s ‘Volcano Bond’ Establishes New Way for Countries To Raise Money

Paolo Ardoino, the chief know-how officer of cryptocurrency alternate Bitfinex says that El Salvador’s Bitcoin-backed (BTC) bonds is setting the precedent for how nation-states can elevate cash.

In November of final 12 months, El Salvador President Nayib Bukele introduced that the Central American nation can be issuing Bitcoin bonds – also referred to as volcano bonds.

Ardoino tells his 167,500 Twitter followers that he thinks crypto fans in the end discover the concept of a Bitcoin bond extra thrilling than meme coins similar to Dogecoin (DOGE) or Shiba Inu (SHIB).

“I feel the crypto group would positively be extra excited to be a part of the historical past and assist a rustic to scale up its financial system leveraging Bitcoin somewhat than investing in one more canine meme coin.

My level on nation safety/volcano token: precedence of any authorities must be citizen safety, in order that acquired precedence over something in El Salvador. It’s the proper strategy…

Why is Bitfinex excited? El Salvador is on the trail of testing a brand new solution to elevate capital on the nation degree. It may very well be a recreation changer for many different small international locations. As Bitcoiners we’re humbled to witness this occasion, to be a small a part of it and to supply our tech platform.”

Ardoino can also be the CTO of crypto alternate Bitfinex, which is slated to be the only real alternate supplier for the bonds.

While El Salvador’s Bitcoin bond was initially anticipated to launch in early 2022, President Bukele delayed it to March of this 12 months, earlier than delaying it indefinitely when the price of BTC went down. In a brand new interview with Fortune, Ardoino stated the bonds may very well be prepared in a number of months after El Salvador’s Congress passes a digital securities invoice.

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Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any loses chances are you’ll incur are your duty. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in internet affiliate marketing.

Featured Image: Shutterstock/Giovanni Cancemi

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