El Salvador’s President Bukele Discusses Bitcoin and Volcano Bonds With Argentina’s Vice President Villaruel

El Salvador's President Nayib Bukele has garnered international attention for his efforts to integrate Bitcoin into the country's financial framework.

During a recent visit to Argentina's Senate, Bukele met with Argentine Vice President Victoria Villaruel, who expressed interest in learning more about El Salvador’s Bitcoin initiatives, specifically its volcano bond project.

Interest in Bitcoin

In a recent meeting, El Salvador’s ambassador to the U.S., Bukele and Villaruel briefly discussed the potential of Bitcoin.

Nation-state #Bitcoin adoption is heating up in Latin America. #BitcoinBonds are coming, not because they are interesting or novel, but because they are a necessity. 🇦🇷🇸🇻 pic.twitter.com/Utj27C5H9g
— Samson Mow (@Excellion) October 2, 2024

"I wanted to take advantage of these few minutes to talk about Bitcoin. It's something that interests me a lot," Villaruel said during the exchange.

Bukele responded positively, signaling his willingness to discuss the topic in more depth.

Bukele Offers Insights Into Bitcoin Strategy

During their conversation, Villaruel inquired about El Salvador’s volcano bond initiative.

Bukele expressed his appreciation for the opportunity to speak at the Argentine Senate and indicated he would be glad to provide further information on the project and El Salvador’s broader approach to Bitcoin.

Understanding El Salvador’s Volcano Bonds

El Salvador’s volcano bonds, also known as Bitcoin bonds, were first announced in 2021 by President Nayib Bukele and JAN3 CEO Samson Mow.

Mow, who played a key role in conceptualizing the project, aimed to attract investors by issuing $1 billion in bonds on the Liquid Network, a Bitcoin sidechain.

Half of the bond proceeds will be allocated to purchasing Bitcoin, while the other half will fund the country's energy and Bitcoin mining infrastructure.

In December 2023, El Salvador’s Bitcoin Office announced that the country’s Digital Assets Commission (CNAD) had approved the regulatory framework for the issuance of these bonds.

Argentina’s Perspective on Bitcoin

Even before Villaruel's expressed interest, Argentine President Javier Milei had publicly supported Bitcoin.

He has described the asset as a tool that could shift monetary control back to the private sector, earning him recognition within the Bitcoin community.

As more nations begin to explore the potential of Bitcoin in their economic policies, Argentina’s engagement with El Salvador’s strategy reflects the growing interest in Bitcoin as a financial tool on the global stage.