JAKARTA - El Salvador's Finance Minister Alejandro Zelaya said on Friday, March 11 that his country was looking for the right time to launch bitcoin-backed bonds. The launch could take place between March 15 and 20, but may depend on the war situation in Ukraine.
El Salvador President Nayib Bukele wants to issue the country's first $1 billion bitcoin-backed bond this month. He wants to use the proceeds to buy more cryptocurrencies and build a "Bitcoin City". It is a planned metropolis that will use geothermal energy from a nearby volcano to "mine" digital coins.
"We believe that between March 15 and 20 is the right time. We have almost finished tools. But the international context will tell us ... I don't expect war in Ukraine," Zelaya told local TV channels.
The bonds have faced headwinds due to increased volatility and rocked cryptocurrencies, as Russia's invasion of Ukraine added to the uncertainty.
"We are still finalizing some details, almost everything is ready, the problem is there is also a time problem," Zelaya said, as quoted by Reuters.
Bitcoin had previously hit a record high above $67,500 in early November, but lost nearly half its value on January 22. This caused the future of El Salvador's Bitcoin City to be disrupted. But Bukele remains optimistic that the project will be completed.
Like the Nusantara Capital project in Indonesia, the development of Bitcoin City in El Salvador also faces challenges from within the country. However, the city that Bukele will build is even worse, because it is also being scrutinized by international financial institutions.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
Tags les plus populaires
#Prabowo Subianto #Golkar #OTT KPK #élections jakarta #jeux d’argent en lignePopulaire
