Most Popular. Volcano Bonds are denominated in the dollar, but El Salvador plans to allocate half of the proceeds to infrastructure � such as volcano-powered Bitcoin mining, hence the name � and invest the rest in Bitcoin, holding it for five years before selling it over the next five years. Adam Morgan McCarthy. El Salvador on the Brink ". This copy is for your personal, non-commercial use only.
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Read MoreHome Page. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. With bitcoin, Bukele sought to make it easier, and cheaper, for Salvadorans to receive remittances and to provide financial services access to the 70 percent of people with no bank account. The Barron's news department was not involved in the creation of the content above. For more information go to AFP. News Cryptocurrency News. El Salvador plans to use the Volcano Bond to pay down its sovereign debt, fund the construction of the Bitcoin City, and create Bitcoin mining infrastructure, according to Bitfinex, the technology provider for the bonds.