El Salvador Delays Bitcoin Bond Issuance
The authorities in El Salvador have just reported they have made the decision to delay the issuance of Bitcoin-backed bonds pending more favorable conditions in the global financial market, Reuters has reported.
Alejandro Zelaya, the country’s finance minister, has said El Salvador intends to issue Bitcoin bonds during the first half of 2022. He has explained:
“In May-June, the market options are slightly different. By September at the latest. After September it is difficult to enter the international market”.
El Salvador intended to issue $1 billion in Bitcoin bonds between March 15 and 20. If the launch was successful, the authorities were ready to make an additional $500 million issuance.
The country reportedly planned to use half of the proceeds from the sale of the Bitcoin bonds for the development of mining infrastructure using geothermal volcanic energy. The other 50% would be used to purchase Bitcoin for the government trust.
