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El Salvador acknowledges its reluctance to issue bitcoin bonds in the near future

According to The Block, Finance Minister Alejandro Celaya said there are currently no favorable conditions for El Salvador to place $1 billion worth of bitcoin bonds.

El Salvador planned to issue the first $1 billion in bitcoin bonds by March 15-20. In case of success, the authorities were ready to issue an additional $500 million.

On March 22, El Salvador’s Ministry of Finance delayed the issue due to worsening market conditions and the need to finalize legislation.

Economists fear that the country will default in January 2023, when it will have to use $800 million in fiat bonds.

Central American Institute of Financial Research (ICEFI) economist Ricardo Castaneda has estimated El Salvador’s liquidity needs to be $3 billion by 2024.

Zelaya gave information about the ongoing negotiations with the IMF in his call to the citizens.

The Finance Minister also reported that the authorities are selling some of the bitcoins obtained to finance the hospital for pets. The government received the necessary $4 million for these purposes “as a result of the growth of the first cryptocurrency.” The official stressed that the department does not sell the accumulated funds.

Recall that on May 9, El Salvador bought 500 BTC at an average price of $ 30,744, bringing its reserves to 2,301 BTC.

Earlier, the IMF expressed its concerns about the risks associated with El Salvador’s bitcoin bonds. The organization has repeatedly urged the state to abandon the first cryptocurrency as a means of payment.

Source: Fork Log

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