- El Salvador already lost over $35 million in investments.
- The country blames current market conditions and the Ukraine conflict for the postponement.
El Salvador’s Finance Minister Alejandro Zelaya said the Bitcoin (BTC) bond launch will be postponed due to difficult market conditions caused by the ongoing Russia-Ukraine conflict and overall crypto market volatility.
The government stated late year that in mid-March 2022, it will issue a $1 billion BTC bond, but they postponed it due to the current market condition. The contract might be issued in June with a deadline of September 2022.
Alejandro Zelaya stated it is not yet ready to launch the Vulcano Bonds (bitcoin bonds) because of the price of Bitcoin’s downtrend.
News : El Salvador Once Again Postponed Launch Of Bitcoin Bonds.
— CoinsCapture (@CoinsCapture) June 3, 2022
The finance minister of El Salvador, Alejandro Zelaya said it was not yet time to launch the Vulcano…
Read more : https://t.co/8VpKbf0SjA#ElSalvador #Vulcano #Bitcoin #Cryptonews #Cryptocurrency pic.twitter.com/46FX5eWQbQ
Second Time El Salvador Postponed BTC Bond
El Salvador was the first country to recognize Bitcoin (BTC) as a form of legal currency still, the bond didn’t happen. This isn’t the first time, the government consecutively postponed the Bitcoin bond for the second time.
Bitcoin is still facing a downtrend since hitting a record all-time high of $68,789.63 in November, it had lost half of its value and BTC was trading at $29,566.48 USD at the time of writing.
El Salvador said they already lost over $35 million in investments. On May 9th during bitcoin dip, El Salvador transferred 500 BTC to its national treasury to bring its total to 2,301 tokens.
However, economists are actively discussing how El Salvador plans to meet its financial obligations. This includes an $800 million bond that will expire in January of next year.
