El Salvador has postponed its planned $1 billion bitcoin bond offering due to unfavorable market conditions, its Finance Minister said on Tuesday, according to Reuters. By NelWang
El Salvador has postponed its planned $1 billion bitcoin bond offering due to unfavorable market conditions, Finance Minister Alejandro Zelaya said on Tuesday, according toIt had initially been scheduled to launch between March 15-20 but the Russia-Ukraine war and its impact on the price of bitcoin caused the government to change the date, according to Reuters.
Half the funds will be used to accumulate bitcoin , with the rest earmarked for infrastructure and bitcoin mining powered by geothermal energy., the bonds will not be issued by the government of El Salvador, but instead by state-owned thermal energy company La Geo. Further, Americans will not be eligible to buy the paper, as it will trade on Bitfinex, which isn’t available in the U.S.
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