The release date of El Salvador’s $1 billion worth of Bitcoin (BTC) bonds continues to be delayed. Judging by the new developments, the meeting of bonds with the markets may take the end of 2022.
Nayib Bukele, president of El Salvador, shortly after declaring Bitcoin the legal currency in his country volcano bonds via a Bitcoin-backed bond known as 1 billion dollars He had announced the collection plans and had achieved this goal. According to the first announcements made last year, the bond project in the first quarter of 2022 It was planned to be released, but things did not go as expected. The downward movements observed in the last 10 months on the Bitcoin price, Russia-Ukraine war The global macroeconomic problems experienced afterwards can be interpreted as the main reason why the bonds could not be successfully completed and released to the market.
The only agency authorized to service El Salvador’s Bitcoin-backed bonds Bitfinexof and at the same time Tether‘s Chief Technology Officer (CTO), Paolo Ardoino, made the following statements on the subject in an interview with Fortune magazine:
I think El Salvador’s Bitcoin bond will be delayed further until the end of this year. El Salvador government officials have a final draft bill that could pass parliament in the next few weeks. If the law passes by September, I would reasonably expect it to take two to three months for everything else to become available.
According to this latest statement, if things go as planned and Bukele, who has majority power in parliament, can get the law passed and enforced as quickly as he wants, the bonds will be issued. before the end of 2022 can also be put on the market.
Filmmaker known for closely supporting the government of El Salvador Stacy HerbertIn a post he shared on August 28, in the shipment, “Everyone tell me when Volcano bonds? he asks, my answer is: soon”.