El Salvador Postpones the Launch of BTC Bonds

by in Cryptocurrency News

El Salvador Bitcoin bonds

The Salvadoran government made a decision to put off the launch of Bitcoin bonds as the current market conditions are unfavorable. Finance Minister Alejandro Zelaya talked about it during an interview with the TV show "Frente a Frente"

Related: El Salvador to place $1B BTC bonds on Liquid Network

President Nayib Bukele first revealed the plans to launch a $1 bln BTC-backed bond in Nov 2021. The goal is to build Bitcoin City and invest in crypto.

According to the initial plans, the launch must have taken place between March 15-20. This schedule changed because of the start of the Russia-Ukraine war. The geopolitical situation had its impact on financial markets, including crypto.

Zelaya said he doesn't think this is the right time for the bond issuance as there are some moves on the planet.

The launch date isn't defined yet. Zelaya said it is possible to take place sometime in May and June. He added that after September it is difficult to attract funds unless you are previously funded.