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Bitcoin Bonds In El Salvador May Be Delayed

3 min reading

It was previously suggested that the bond sale could come as soon as this week by the country's finance minister

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One billion dollars of El Salvador's "volcano bonds" have yet to hit the market, with volatile international conditions partly to blame.

Last week, El Salvador Finance Minister Alejandro Zelaya - who had previously said the bond sale would take place between March 15 and March 20 - noted the conflict in Ukraine and Russia could delay the process “We have the tools almost finished, but the international context will tell us,” he told a local TV station.

Despite the fact that legislators in El Salvador now have work to do regarding the bonds, they've been distracted by the repercussions of the war in Ukraine - among them supply chain shocks. As of March 15, the legislation for the bonds had not been sent to Congress, according to a report in La Prensa Gráfica.

During the November 2021 elections, President Nayib Bukele announced plans to build an "Economic Center for Bitcoin" with bonds that have an annual coupon of 6.5%. Half of the funds will be used to accumulate bitcoin (BTC), and the other half will be used to build infrastructure and develop bitcoin mining powered by geothermal energy.

At press time, no official announcement had been made by the government of El Salvador concerning the bitcoin bond, and the office of President Bukele did not respond about a new estimate date.

Moreover, according to a report in the Financial Times, the bonds will not be issued by the government, but rather by El Salvador's state-owned thermal company, La Geo. Furthermore, Americans will not be able to purchase the paper as it will be traded on Bitfinex, a foreign exchange that is not available in the U.S.

Also Read - Uniswap develops an interface to convert cryptocurrencies into ETH donations for Ukraine

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