El Salvador to issue first bitcoin bonds in March
The country’s finance minister expects the oversubscription for securities to be at least $500 million
10.02.2022 - 12:45
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What’s new? El Salvador is finalizing preparations for the issuance of bitcoin bonds. The first securities will appear between 15 and 20 March, The Block reports. Finance Minister Alejandro Zelaya expects the oversubscription for bonds to be at least $500 million.
What are the details of the bonds? The bond will be issued on Blockstream’s Liquid Network sidechain. Bitfinex Securities, a tokenized securities trading platform, will handle the settlement of the issue. Zelaya stated that the bitcoin bonds will comply with all the regulations of the financial markets, such as “know-your-customer” (KYC) and due diligence principles. According to the finance minister’s plan, a coupon rate will be 6,5% per annum and the bonds will mature in 2032.
According to the minister, the country plans to spend the money raised from the securities on developing mining, which will be run by geothermal volcanic energy. As previously reported, the investors bought $300 000 worth of El Salvador’s bitcoin bonds even before they were issued.
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