The Salvadoran authorities postponed the issue of bonds backed by the first cryptocurrency, awaiting more favourable conditions in the global financial markets. Reuters reports.
According to Finance Minister Alejandro Zelaya, El Salvador intends to issue bitcoin bonds in the first half of 2022.
“In May–June, market options differ somewhat. No later than September. After September, it will be difficult to access the international market,” he explained.
El Salvador planned to issue the first bitcoin bonds worth $1 billion by March 15–20. If successful, authorities were prepared to conduct an additional $500 million issue.
Half of the proceeds from the sale of bitcoin bonds were to be allocated to developing mining infrastructure using geothermal energy from volcanoes. The other 50% was to be used to purchase digital gold for the state trust.
The IMF expressed concerns about the risks associated with El Salvador’s bitcoin bonds. The organization repeatedly urged the government to abandon the cryptocurrency as a means of payment.
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