Maximise your Metaverse potential with Ommyo, dedicated to giving you 0.5% rewards daily. I'm going in!

El Salvador appears to postpone the release of 'volcano bonds'

3 min reading

Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

The government has frequently stated that the launch will take place by March 20, but it seems that it will not happen.

El Salvador's government seems to have postponed the release of the so-called "volcano bonds" due to a lack of official statements. Alejandro Zelaya, the Salvadoran finance minister, had previously assured the public that the venture will begin on March 20.

El Salvador's finance minister confirmed again on Friday, addressing on a local TV show, that the release of so-called "volcano bonds" will take place between March 15 and 20, the same dates as in February. Zelaya noted the world's volatile political climate as one of the aspects that could impact the scheduled time.

El Salvador's president, Nayib Bukele, proposed a coin-shaped "Bitcoin city" at the base of the Conchagua volcano in November 2021. The creation of this new town, complete with crypto mining activities and low taxes, would be funded by the issuance of $1 billion in bonds, according to Bukele's plan. These bonds, named "Bitcoin bonds" or "volcano bonds," are expected to endure 10 years and pay a 6.5 % annual interest rate to investors.

Samson Mow, chief strategy officer of Blockstream, El-Salvador's launch collaborator, announced in December 2021 that the platform had already garnered $300 million in "soft commitments," mainly from "Bitfinex whales." In February, Blockstream's marketing director, Fernando Nikolic, stated that the company will release a statement in the first quarter of 2022.

According to the Financial Times, the required legislation to start the bond sale has yet to pass through the Salvadoran legislature.

As Nikolic stated, Blockstream is unaware of the updated launch dates because Blockstream is not actively working with the nation of El Salvador to provide EBB1.

“EBB1 will simply be issued on the Liquid Network, which is operated by members geographically distributed all over the world. Blockstream serves only as a technology provider. So whenever they are ready they will be able to issue the bond on Liquid the same way anyone else can.”

“EBB1 will simply be issued on the Liquid Network, which is operated by members geographically distributed all over the world. Blockstream serves only as a technology provider. So, whenever they are ready, they will be able to issue the bond on Liquid the same way anyone else can.”

Meanwhile, El Salvador's neighbour, Honduras, could join El Salvador's trend and become the world's second country to accept Bitcoin (BTC) as a payment option. That, according to some reports, stems from Honduran President Xiomara Castro's statement that El Salvador should not be the only nation "escaping dollar hegemony."

Currency Exchange rate Buy cryptocurrency

Ommyo News
Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net (www.ommyo.net). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the ommyonews.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.