El Salvador will be further delaying issuing the Bitcoin bonds, partly intended to finance the construction of the ambitious Bitcoin City in the country.
In a recent interview with Fortune magazine, Paolo Ardoino, CTO at Bitfinex, the exchange that will be offering the bonds, said that the legal framework needed for the digital securities is not yet in place.
According to Ardoino, the launch might still happen before the end of the year. He said:
“If the law passes by September, I would expect it to reasonably take two to three months to have everything else rolled out.”
Intended to raise $1 billion with the Bitcoin bonds, El Salvador president Nayib Bukele first announced them in November of 2021 with the bonds initially expected to launch few months after. The bonds are also dubbed ‘volcano bonds’ with$500 million going to Bitcoin mining and power infrastructure, specifically geothermal power which is supposed to provide the entire city with energy.
Since, the bond launch has been delayed a couple of times, citing unfavorable market conditions and uncertainties that the Russian-Ukrainian conflict brings, with investors rather investing in the weapons industry.
On September 7 2021, El Salvador became the first nation in the world to make Bitcoin legal tender.
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