El Salvador authorities have delayed the issuance of bonds backed by the first cryptocurrency, pending morefavorable conditions in the global financial market. It is reported by Reuters.
According to Finance Minister Alejandro Celaya, El Salvador intends to issue Bitcoin bonds in the first half of 2022.
“In May-June, the market options are slightly different. Not later than September. After September, it is difficult to enter the international market,” he explained.
El Salvador planned to issue the first $1 billion bitcoin bonds by March 15-20. In case of success, the authorities were ready to conduct an additional issue of $500 million.
Half of the profits from the sale of bitcoin bondsEl Salvador planned to direct the development of mining infrastructure on geothermal volcanic energy. The other 50% is for the purchase of digital gold for the government trust.
The IMF expressed concerns about the risks associated with El Salvador's Bitcoin bonds. The organization has repeatedly called on the state to abandon the first cryptocurrency as a means of payment.
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