El Salvador's legislature on Wednesday approved a digital assets law aimed at legally protecting transfers or issuances of debt with cryptocurrencies.
El Salvador was the first country to adopt bitcoin as legal tender in September 2021, using it alongside the US dollar, which it adopted as a currency in 2001.
The 47-article law received 62 votes in favor of 84 seats in Congress.
"The Legislative Assembly of El Salvador has just approved, by an overwhelming majority, the new Digital Securities Law! Forward, always forward," President Nayib Bukele wrote on Twitter.
The new law paves the way for the acquisition of $1 billion in "crypto bonds" or "volcano bonds."
In November 2021, Bukele announced the construction of a "Bitcoin City" in the eastern department of La Uniรณn, which would be powered by geothermal energy from a volcano in the region.
The Bukele government has already bought 2,381 bitcoins for $107 million.
On November 17, Bukele announced that his government would buy one bitcoin a day, without specifying for how long.
Bitcoin is currently trading below $20,000, after hitting $68,000 in November 2021.
