Monday, October 3, 2022
Home Latest News Bitcoin News El Salvador Delays Planned Bitcoin Bond

El Salvador Delays Planned Bitcoin Bond

According to Reuters, The country’s finance minister said that the launch will be postpone  until late September.

Seeing that bitcoin as an adverse coin this time, Finance Minister Alejandro Zelaya explains on Tuesday on Salvadoran TV show “Frente a Frente.

He said that El Salvador has postponed the planned bitcoin bond.

Previously, it plans $1 billion bitcoin bond offering.

The plan is schedule to launch on March 15 to 20, formerly.

But Russia invasion towards Ukraine affect the bitcoin price.

Therefore, the government change the plan to launch the bitcoin bond.

Zelaya personally, prefers the issuance to take place between March and April.

But then he said “I think this is not the time. There are some moves on the planet,”

He also added “In May and June sometimes you can, but the market variables get different. After September, it is difficult to raise, unless you are previously funded, as in the case of bitcoin bond,”

Zelaya mention that the bitcoin bond will have a “substantial oversubscription” that could reach $1.5 billion.

According to coindesk, in November 2021, President Nayib Bukele announced plans to build a “Bitcoin City” funded by the sale of the bonds, which have an annual coupon of 6.5%.

Half the funds will used to accumulate bitcoin (BTC), with the rest earmarked for infrastructure and bitcoin mining powered by geothermal energy.

According to Zelaya, the bond will issued by the state-owned thermal energy company La Geo.

It will have a sovereign guarantee provided by the Salvadoran state, he added.

 

SourceCoindesk
- Advertisment -

Most Popular

DTI: There Is No Exact Rules Of Crypto

DTI or The Philippine Department of Trade and Industry waved off a Binance ban proposal, Due to the lack of regulatory stance on cryptocurrencies from...

ATM Installations Of Crypto Will Dominated By U.S.

ATM Installations Of Crypto Will Dominates By U.S. U.S. dominates crypto due to China our from the competition The US picked up the slack to become...

Indian Taxes Increase, Companies Decrease Amount Of Employee

Indian taxes increase! India's new cryptocurrency tax has dealt a heavy blow to the crypto exchanges in the country, A moment ago, an announcement related to...

Riot Blockchain Moves Their Miner To Texas

Riot Blockchain the Crypto mining firm start relocating their rigs Moving from its New York data facility, With the majority intended to end up in central...

Bitmex Banned Russians From Their Platforms

BitMEX is major cryptocurrency exchange It aims to increase compliance with the European sanctions against Russia By preparing to enforce major restrictions for its Russian users. Then...

ECB Officials Will Consider Newest Crypto Law

ECB officials will get ready for crypto growth As crypto grown so fast, Many countries started to prepare anything related to the digital assets Regulators from 19...

Rumors KuCoin Bankrupt, CEO Gives A Statement

KuCoin is a crypto exchange that used by many users these few times As we know that the line's condition these days shows not really...

U.S. Lawmakers: There Is Inequality In Crypto Industry

U.S. Lawmakers seeing a problem A problem in crypto industry development According to some U.S. lawmakers in the House Financial Services Committee, The lack of diversity in...

Grayscale Investments File Disapproved, CEO Disappointed

Grayscale Investments launched a legal challenge It against the Securities and Exchange Commission (SEC) Previously, they are denied to convert their application From Grayscale Bitcoin Trust (GBTC) Into...