What’s the Latest on El Salvador’s $1 Billion Bitcoin Bonds? Famous Manager Shared!

According to a report in Fortune, El Salvador’s bitcoin Its proposal, called the backed Volcano Bonds, continues to face delays due to lack of investor interest and legislative hurdle.

President Najib Bukele announced plans to raise $1 billion in BTC-backed bonds in November, shortly after El Salvador became the first country in the world to accept Bitcoin as a legal tender.

The proposal was originally supposed to launch in early 2022, but cryptocurrency There were partial delays due to the decrease in prices.

Tether CTO Says Law Required for El Salvador’s Bitcoin Bonds Could Be Released in September

While President Bukele’s New Ideas Party has a large majority in parliament, El Salvador’s Congress also needs to pass legislation to issue bonds. Speaking to Fortune, Bitfinex and Tether CTO Paolo Ardoino said government officials told him they expect the law to be passed in September.

Ardoino had worked with El Salvadoran officials on the Bitcoin project.

Ardoino suggested that if that happens, he expects another two to three months as sufficient time for the Volcano Bond to launch, and that the sale could come before the end of 2022.

The El Salvador government has yet to respond to a request for comment.

In February, El Salvador’s Finance Minister Alejandro Zelaya said the bond issuance would take place between March 15 and March 20, but weeks later accused the war between Ukraine and Russia of delaying the process.

“We have almost completed the tools, but the international environment will show us the results,” Zelaya said at the time.

According to announcements from Bukele, El Salvador has purchased 2,301 Bitcoins for approximately $103.9 million since last September. These BTCs are currently worth around $45 million. The most recent purchase was on July 30, when the country bought 80 BTC at a price of $19,000 per coin.

*Not investment advice.