El Salvador has become an important player in the crypto-space. The nation strongly supports Bitcoin adoption, which is occurring despite the massive volatility.
According to recent reports, El Salvador plans to issue Bitcoin (BTC)-backed bonds in the near future, according to its finance minister Alejandro Zelaya.
Zelaya reportedly told a local news outlet that the BTC bonds will be issued this month, but he said the rollout might be interrupted by Russia’s invasion of Ukraine.
Government officials say they have “almost everything ready” for the bonds, but acknowledged “a timing issue.”, the online newspaper the Daily Hodl reported.
In case you forgot, El Salvador has been accumulating bitcoins in its treasury since September last year. President Nayib Bukele has faced protests from thousands of people on his BTC policy, among others.
The government of El Salvador also announced plans to build a futuristic city called “Bitcoin City” back in November. In order to raise funding for the city, the government is planning to issue bitcoin bonds. For this purpose, they teamed up with Blockstream, a Bitcoin development company.
The IMF had urged El Salvador to stop using Bitcoin as legal tender in January. As we reported earlier, El Salvador made headlines when the president decided to use Bitcoin as legal tender.
