Due to the absence of any official announcements, it seems that the Salvadoran government has delayed the date of the launch of the so-called “volcanic bond”. Earlier, Salvadora’s finance minister Alejandro Zelaya assured the public that the project will start by March 20.

In a speech on a local TV program on Friday, El Salvador’s finance minister again announced that the release of the so-called “volcanic bond” would take place sometime between March 15 and 20 – the same dates were announced during his previous TV appearance in February. . Admittedly, this time Zelaya mentioned the unstable political situation in the world as one of the factors that could affect the planned dates.

The Bitcoin Cities project, in the form of a coin at the foot of the Conchagua volcano, was introduced by the President of El Salvador, Naib Bukele, in November 2021. According to Bukele, the construction of this new city is with crypto mining. and minimum taxes will be financed by issuing $ 1 billion in bonds. These bonds, which have since become known as “bitcoin bonds” or “volcanic bonds”, have a 10-year maturity and pay owners 6.5% annually.

In December 2021, Samson Mu, chief strategist at Blockstream, a bond issuing partner in El Salvador, revealed that the platform had already received $ 300 million in “soft commitments”, mainly from “Bitfinex whales”. In response to a question from Cointelegraph in February, Fernando Nikolic, Blockstream’s marketing manager, confirmed that the company would make an announcement in the first quarter of 2022.

As reported by the Financial Times, the legislation needed to start selling the bonds has not yet passed the Salvadoran parliament.

Related topics: Life in a volcano: prospects for cryptocurrency mining in El Salvador

The Cointelegraph sent a press release to the presidential administration in El Salvador. As Nikolic told the Cointelegraph, Blockstream is not aware of any new launch dates because Blockstream is not working directly with the country of El Salvador to offer EBB1.

“EBB1 will simply be issued on the Liquid Network, which is run by members who are geographically spread around the world. Blockstream only acts as a technology provider. So when they are ready, they can issue bonds on Liquid just like everyone else. ”
Meanwhile, El Salvador’s neighbor Honduras may follow suit and become the second country in the world to officially accept Bitcoin (BTC) as a payment method. According to some reports, this comes from the statement of the President of Honduras, Xiomara Castro, that El Salvador should not be the only country that “avoids the dominance of the dollar”.

Source: CoinTelegraph