### A draft bill has been submitted to El Salvador's congress that would regulate digital securities if passed. 

A draft bill, presented by Minister of Economy Maria Luisa Hayem Breve, seeks to regulate digital securities and is now in the hands of El Salvador’s national assembly. 


If the bill passes, CoinDesk reports that a National Digital Assets Commission will be created and then charged with the regulation of digital assets issuers, service providers, and other participants involved in the “public process offering” of digital securities. 


In addition, the passage of the bill will pave the way for the creation of a Bitcoin Fund Management Agency. It will be tasked with administering, safeguarding, and investing. “funds from public offerings of digital assets carried out by the State of El Salvador and its autonomous institutions” as well as any returns from these public offerings.


El Salvador’s President Nayib Bukele is known to have a favorable view of cryptocurrency and has guided policy accordingly. In 2021, El Salvador became the first country in the world to adopt bitcoin as a legal tender. President Bukele also purchases. Bitcoin during price dips and has revealed plans to raise $1 billion through bitcoin-backed bonds.


President Bukele’s New ideas party has a majority in the country’s legislature.

A draft bill has been submitted to El Salvador's congress that would regulate digital securities if passed. 

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