The government of El Salvador presented a bill that could set comprehensive rules on the local crypto sector and regulate the operations of all digital asset providers in the country. The ruling body is also one step closer to issuing blockchain bonds that could aid the development of certain BTC endeavors in the Central American nation.

A spokesperson for the presidency released a copy of a lengthy legislation that calls for establishing a crypto commission that could oversee the domestic ecosystem. The first country to make bitcoin legal tender seeks to “create a legal framework to transfer digital assets that are used in public issuances in El Salvador, as well as regulate the requirements and obligations of issuers and providers of digital assets.”