El Salvador Pushes Bitcoin Bond Launch While Waiting for Better Conditions
Bitcoin News
- Watcher Guru announces in a tweet, El Salvador postponed the bitcoin bond launch.
- The government explained saying it is waiting for better conditions.
- Meanwhile, India and Japan took action during the last couple of days.
Watcher Guru, the famous crypto news platform, announced its latest news saying that El Salvador postponed the bitcoin bond launch to the second or third quarter of 2022. The announcement came in two tweets, one of them held the news, the other tweet was a detailed article.
JUST IN: 🇸🇻 El Salvador’s finance minister has postponed #Bitcoin backed bond as the government decided to wait for favorable conditions in the market.
— Watcher.Guru (@WatcherGuru) March 22, 2022
The Central American nation’s finance minister Alejandro Zelaya explained on Friday, El Salvador is looking for the right timing to launch a bitcoin-backed bond. In detail, the government set the first date to be on March 15 and 20. After that, however, it was postponed after the Ukrainian crisis.
President Nayib Bukele explained that he aims to issue El Salvador’s first $1 billion bitcoin-backed bond this month and use the proceeds to buy more cryptocurrencies and build “Bitcoin City”. Bitcoin city is a planned metropolis that would use geothermal energy from a nearby volcano to “mine” the digital coins.
The Central American nation’s finance minister Alejandro Zelaya said in an interview with a local TV channel:
We believe that between March 15 and 20 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.
In other news, India has announced it is including cryptocurrencies under GST law, meaning Bitcoin and cryptocurrencies will be classified as goods or services.
At the same time, Japan Virtual and Crypto Assets Exchange Association [JVCEA] announced streamlining the procedure for approving new cryptocurrency listings to increase the number of coins traded in the nation and catch up with the rest of the globe.
