10 days before presidential elections, El Salvador authorizes issuance of digital asset backed by soybeans

10 days before presidential elections, El Salvador authorizes issuance of digital asset backed by soybeans

by

Nayib Bukele, President of El Salvador (Europa Press/Contact/Camilo Friedman)

The National Digital Assets Commission (CNAD) of El Salvador has authorized the company e-Grains to launch a public offering. 100 million dollars (about 108 million euros) Digital Token (Token) $ESOYSupported by soybeans, as reported by the exchange house Einor Securities on the social network X this Tuesday.

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“Enor Securities proudly advised, structured and coordinated the distribution First digital asset issued in El Salvador, worth $100 million”, published the company that is responsible for marketing this crypto asset.

He further said that “This is a milestone for El Salvadorand e-Grain, a digital asset issuer for agricultural commodities.

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According to local media reports, according to information from CNAD, the public offering of $ESOY tokens started on January 18 and the digital service provider is IB Maker X, whose trademark is eNor Securities.

He also indicated that the offer is for the public 7.6 million tokens,

Image of a woman showing her digital wallet in the center of San Salvador, El Salvador (EFE/Rodrigo Sura/File)

The e-Grain company said in a statement on its website that “The tokenized security has the symbol $ESOY and is an asset 100% backed by soybean futures contracts and custodial collateral.,

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,This is a milestone for the country And the panorama of tokenized securities, as it is the first issuance and public offering approved by CNAD after the approval of the Digital Assets Law in January 2023 and the first regulated tokenized asset in the world,” he stressed.

He indicated that the offering is being made initially on the Einor Securities Exchange and “the secondary market will open on March 18.”

In the field of cryptocurrencies, each token is a digital representation of physical assets and serves their issuers to receive investments.

In September 2021, El Salvador became the first country in the world to adopt Bitcoin As legal tender, with U.S. Dollar, However, according to a recent survey, 88% of the population will not use this crypto asset in 2023.

By 2022, the Salvadoran government hoped to place a $1 billion bitcoin bond, known as a volcano bond, to finance the construction of Bitcoin City in the east of the country, but said the financial movement or project would be limited. Was not constructed. ,

(with information from EFE)

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