El Salvador postpones the launch of Bitcoin bonds
The government announced that the issuance of Bitcoin bonds will be in September, due to the "geopolitical crisis"
Due to the current geopolitical crisis, the government of El Salvador announced that it is going to postpone the launch of the bonds backed by the bitcoin cryptocurrency.
The “Volcano Bond”, as the government itself baptized it, was scheduled to come out this March. However, due to the unfavorable market conditions, it will not come out until September of this year.
The Minister of Finance, Alejandro Zelaya, indicated that the situation between Russia and Ukraine is directly affecting the value of cryptocurrencies, specifically Bitcoin, for which “there are no favorable conditions in the financial market.”
“Now is not the time to issue the bond. In May or June the market variants are a bit different. At the latest in September. After September, if you go to the international market, it is difficult to raise capital.”
Zelaya had already hinted at a possible delay of El Salvador’s Bitcoin bond last week, citing the unstable political situation in the world as one of the main reasons for the postponement.
As previously reported, the $ 1 billion bonus was initially scheduled for release in mid-March. Salvadoran deputy William Soriano declared on Twitter in early February that the Bitcoin bond was expected to debut in the second or third week of March.
K. Tovar
Source: Cointelegraph
