El Salvador still not ready to launch bitcoin bond, finance minister says

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El Salvador's leaders still don't think the market conditions are right for the launch of the nation's much-hyped bitcoin bond.

Alejandro Zelaya said during a national television news show that the nation is still not ready to launch its $1 billion bitcoin bond.El Salvador's leaders still do not think it is the right time to launch its highly-anticipated bitcoin bond, finance minister Alejandro Zelaya said during a national television news show on June 1, citing market conditions following the war between Russia and Ukraine.

Meanwhile, economists have raised concerns about the country's ability to raise funds to cover its impending financial obligations, including an $800 million bond that will mature in January."And as of now, the country is not guaranteed to get that money," Central American Institute for Fiscal Studies economist Ricardo Castaneda told The Block in a recent voice note.

Analysts have raised questions about El Salvador's strategy of continuing to purchase bitcoin considering recent price drops in the currency, estimating that the country has lost more thanon its investments based on current prices and the value of bitcoin at the time of purchase. El Salvador purchased a fresh round of 500 bitcoin on May 9 during a price drop, bringing its total government purchases to 2,301 bitcoins.

 

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