El Salvador became an essential name in the crypto space. The nation strongly supports the mass adoption of Bitcoin, and this is happening despite the massive volatility.
According to the latest reports, El Salvador is reportedly primed to roll out Bitcoin (BTC)-backed bonds in the coming days. This is according to Alejandro Zelaya, the country’s minister of finance.
It seems that Zelaya told a local news outlet that they plan to issue the BTC bonds this month, though he says the rollout may be impacted by Russia’s invasion of Ukraine, Reuters reports.
“We believe that between March 15th and 20th is the right timing, we have the tools almost finished. But the international context will tell us… I didn’t expect the war in Ukraine.”
The finance minister says the government has “almost everything ready” for the bonds but acknowledges that there is also “a timing issue.” as the online publication the Daily Hodl recently noted.
Just to refresh your memory, El Salvador first made Bitcoin legal tender last September and has been periodically accumulating BTC in its treasury.
In response, thousands of people in the country have protested the BTC policy and others adopted by President Nayib Bukele.
Bitcoin City project
It’s also important to note the fact that back in November, El Salvador’s government announced plans for a new futuristic “Bitcoin City” project.
In order to fund the city, the government seems to have plans to issue the BTC bonds. In this regard, they teamed up with Bitcoin development firm Blockstream to prepare them for investors.
Back in January, El Salvador responded to the IMF following their urge for the nation to drop Bitcoin as legal tender. We revealed earlier that El Salvador made headlines when the president decided to make Bitcoin legal tender in the country.
The global institution mentioned above noted that BTC’s use as legal tender is posing risks to the country’s financial stability, integrity, and consumer protection.
