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Launch of El Salvador’s 1 Billion Bitcoin Bond May Be Delayed by Ukraine War

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El Salvador President Nayib Bukele

El Salvador is the first country in the world to adopt Bitcoin as legal tender. In November, the Central American state announced its plans for a $1 billion-plus bitcoin bond issue. The crypto bonus was originally supposed to launch this month. But the Ukraine war is now possibly foiling Bitcoin’s plans. The country’s finance minister said there was now a “time problem”, the Reuters news agency reports.

“We believe that between March 15 and 20 is the right time, we have the tools almost ready,” El Salvador’s Finance Minister Alejandro Zelaya told local television on Friday. But there is another problem: “I did not expect the war in Ukraine,” explains Zelaya. Following Russia’s attack on Ukraine, the EU, US and other countries reacted with harsh sanctions.

El Salvador was the first country in the world to adopt cryptocurrency as legal tender. In November 2021, President Nayib Bukele announced a $1 billion government bitcoin bond issue. By the end of February, El Salvador had received verbal commitments of more than $500 million for its bond and had already discussed plans to issue billions more in Bitcoin-backed financing in the future.

This article was translated from English by Klemens Handke. You can find the original here.

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