When the “volcano bonds” were unveiled at the close of BitcoinWeek in
If a nation has projects that require financing, the regular ways to obtain it are usually through international lending agencies (ICOs), or the issuance of public debt bonds. In the first case, the obstacle would be to count on the optimism of these institutions for the project itself, on this depends the approval and the interest rate that could be applied, bringing as a consequence long and bureaucratic processes to obtain the requested resources. Secondly, a nation can count on its capacity to issue debt in the form of bonds, but this scenario depends largely on the international system. Depending on the outcome of the rating agencies’ report, stock exchanges and banks could decide not to offer them to the public, preventing the obtaining of financing even if there are interested agents.
In the case of
The first obstacle to copying this model in another country is the legal framework. In the event that the regulations are approved, the guarantees of the holders of the securities would not be violated, because beyond the technical details of their issuance, any guarantee of compliance with the payment commitment comes directly from the issuer of the security and the law.
Although the issuance of tokenized bonds allows any nation to issue debt, facilitating both the logistics and conditions of the process, the population can also benefit in different ways. The most obvious way will be a much freer access to buy government debt as a means of investment. In the case of
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