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El Salvador’s government has delayed its previously announced bitcoin-backed bond issuance for last week, as the government waits for favorable financial market conditions.
El Salvador, the first country to legalize bitcoin (BTC-USD) as legal tender, is therefore postponing the construction of “Bitcoin City,” a metropolis that is designed to look like a BTC symbol.
The government was expected to launch its first $1B BTC-backed bond between 15-20 March, though Russia’s invasion of Ukraine and cryptocurrency volatility have prompted regulators to change the date, Finance Minister Alejandro Zelaya said during an interview Tuesday.
Zelaya highlighted that now is not the time to issue the bond, adding that the ideal date to go on the market is the first half of this year. “In May or June the market variants are a little different. At the latest in September. After September, if you go out to the international market, it is difficult (to raise capital),” he said.
Within the crypto ecosystem, bitcoin (BTC-USD -0.5%), the largest digital token by market cap, is slightly down to $42.18K.
In January, El Salvador prepared 20 bills to provide “legal certainty” for its bitcoin bond issuance.
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