El Salvador plans to send Congress about 20 bills to provide a legal foundation for issuing bitcoin (BTC-USD) bonds, Reuters reports, citing Finance Minister Alejandro Zelaya in an interview. The bills will "provide a legal structure and legal certainty to everyone who buys the bitcoin bond," Zelaya said. Recall towards the end of November when El Salvador - the first country to make bitcoin legal tender - said it will fund its "Bitcoin City" with sovereign bonds backed by the crypto. Half of the proceeds are going towards buying more BTC. The planned legislation will "cover and guarantee the #Bitcoin #VolcanoBonds, but also a full re-engineering of the economy and of the way a nation state does business," El Salvador President Nayib Bukele writes in a Twitter post. Meanwhile, bitcoin (BTC-USD -0.4%) continues to fade from its mid-November all-time high as it trades slightly below its 200-day simple moving average.
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