El Salvador postponed the issuance of bitcoin bonds for the second time

The Finance Minister said that now is not the right time to issue such investment products

05.06.2022 - 08:00

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What’s new? El Salvador has postponed the issuance of its Vulcano Bonds bitcoin bonds for the second time. The country’s Finance Minister Alejandro Zelaya explained that now is not the right time to issue such investment products, according to the local publication elsalvador. This is related to the decline in the bitcoin rate.

Material by elsalvador.com

What else did the finance minister add? Zelaya noted that the cryptocurrency is still “strong” and is slowly recovering. The minister also said that the bitcoin rate is fluctuating because of the geopolitical situation:

“The price is still disrupted by the war in Ukraine. There were many movements in the stock market.”

In this, Zelaya added that El Salvador has not suffered any financial loss due to the change in the BTC rate, as the country has not sold its holdings. For the first time, El Salvador delayed the issuance of Vulcano Bonds in March.

On May 9, El Salvador President Nayib Bukele reported the state’s purchase of 500 BTC. The purchase was made while the currency rate was falling at a price of $30 744 for a total of $15,3 million. The country currently owns 2031 BTC ($68,39 million at the exchange rate on June 4, 2022, according to Binance).

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