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Planned Bitcoin Bond Delayed by El Salvador

According to Reuters, the country's finance minister suggested that the launch could be delayed until September....
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Photo by Ilya Pavlov

Due to market conditions, El Salvador delayed its $1 billion planned bitcoin bond offering. Finance Minister Alejandro Zelaya stated Tuesday on Salvadoran television station “Frente a Frente.” “

It was originally scheduled to launch March 15 to 15, but due to the Russia-Ukraine conflict and the impact it had on the price bitcoin, the government changed the date , according to Reuters.

“I don’t think it is the right time. Zelaya stated that there are certain moves on the planet, and that he preferred the issuance to occur between March and April. You can sometimes raise money in May or June, but market variables change. He said that it was difficult to raise funds after September unless you have been previously funded as in the case with bitcoin bond.”

Zelaya claims that the bitcoin bond could have a substantial oversubscription, which could amount to $1.5 billion.

President Nayib Bukele made the plans for a Bitcoin City. The plan was funded through the sale of bonds with a coupon of 6.5%. The funds will be used for bitcoin accumulation (BTC), while the remainder will go towards infrastructure and mining using geothermal energy.

Zelaya stated that the bond would not be issued by the government, but by La Geo, a state-owned thermal energy company. He added that the bond will be backed by the sovereign guarantee of the Salvadoran government.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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