El Salvador to delay the issuance of bitcoin bonds until the end of the year
Tether and Bitfinex CTO Paolo Ardoino announced this
31.08.2022 - 12:55
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What’s new? The El Salvador government’s issuance of bitcoin bonds, also known as Vulcano Bonds, has been delayed again. It was scheduled for early 2022, then rescheduled for mid-March, and then indefinitely delayed because of the falling bitcoin price. In a new interview with Fortune, Paolo Ardoino, CTO of Tether, the issuer of the USDT stablecoin, and Bitfinex crypto exchange, said that the launch could take place in late 2022, subject to the adoption of appropriate laws.
How did events develop? El Salvador’s President Nayib Bukele first announced the issue of bitcoin bonds in November 2021, two months after the country recognized bitcoin as a legal tender. The project raised $1 billion from investors, with half of the amount dedicated to funding infrastructure and the other half to buying bitcoin. Bitfinex was chosen as the sole provider of the exchange’s services.
In May, Ardoino reported that the exchange was waiting for the Salvadoran authorities to pass a digital securities bill that would allow Bitfinex to be approved as the provider of services related to digital assets.
In an interview with Fortune, he again stressed that he is waiting for El Salvador’s Congress to finalize and pass the bill:
“If the law passes by September, I would expect it to reasonably take two to three months to have everything else rolled out.”
In July, Bitfinex representatives reported that they would donate $1,3 million in cryptocurrency to El Salvador. The initiative is designed to help small businesses and communities in the most socially disadvantaged areas of the country — Ilopango, Soyapango, and Apopa.
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