El Salvador seems to delay its 'volcano bonds' launch

Considering the lack of immoderate authoritative announcements, El Salvador’s authorities seems to person delayed the motorboat day of the alleged “volcano bonds.” Earlier, Salvadoran concern curate Alejandro Zelaya had been reassuring the nationalist that the task would commencement disconnected by March 20. 

Speaking astatine the section TV amusement connected Friday, El Salvador’s concern curate erstwhile again announced that the motorboat of alleged “volcano bonds” should instrumentality spot determination betwixt March 15 and 20 — the aforesaid dates were declared during his erstwhile TV quality successful February. Albeit this clip Zelaya mentioned the unstable governmental concern successful the satellite arsenic 1 of the factors that could power the planned timing.

The task of a coin-shaped “Bitcoin city” astatine the basal of the Conchagua volcano was introduced by El Salvador’s president Nayib Bukele successful November 2021. In Bukele’s vision, the operation of this caller municipality with the crypto mining operations and minimal taxes would beryllium financed by the issuance of $1 cardinal successful bonds. These bonds, which person since go celebrated arsenic “Bitcoin bonds” oregon “volcano bonds”, are expected to past 10 years and wage 6.5% yearly involvement to their holders.

In December 2021, Samson Mow, main strategy serviceman of Blockstream, El-Salvador’s spouse successful the enslaved launch, revealed that the level had already received $300 cardinal worthy of “soft commitments”, mostly from “Bitfinex whales”. Responding to Cointelegraph's petition successful February, Fernando Nikolic, selling manager astatine Blockstream, assured that the institution would marque an announcement regarding the substance successful Q1 2022.

As the Financial Times reported, the indispensable authorities to motorboat the enslaved merchantability inactive didn’t walk done the Salvadoran parliament.

Related: Living connected a volcano: The outlook of El Salvador’s crypto mining industry

Cointelegraph sent the property petition to the statesmanlike medication of El Salvador. As Nikolic informed Cointelegraph, Blockstream doesn't cognize astir the caller dates of the motorboat due to the fact that Blockstream is not straight moving with the state of El Salvador to connection EBB1.

“EBB1 volition simply beryllium issued connected the Liquid Network, which is operated by members geographically distributed each implicit the world. Blockstream serves lone arsenic a exertion provider. So whenever they are acceptable they volition beryllium capable to contented the enslaved connected Liquid the aforesaid mode anyone other can.”

In the meantime, El Salvador’s neighboring nation, Honduras, could travel its pb to go the 2nd federation successful the satellite to officially judge Bitcoin (BTC) arsenic a outgo method. According to immoderate sources, that follows from the Honduran president Xiomara Castro’s assertion that El Salvador shouldn’t beryllium the lone state “escaping dollar hegemony.”