The government said on Tuesday that it was postponing the issue of bitcoin bonds.
Bitcoin has been up 2.19% in the last 24 hours.
According to El Salvador’s ambassador to the United States, the Central American government is looking to the cryptocurrency exchange Binance for assistance in implementing bitcoin as legal cash and issuing bitcoin bonds. Ambassador Milena Mayorga said Changpeng Zhao, CEO of Binance, is in El Salvador and gets to meet with President Nayib Bukele on Thursday.
In Mayorga’s view, Zhao’s visit to Bukele was an affirmation of the city’s decision to accept bitcoin as legal cash and issue bitcoin-backed bonds. Moreover, Bukele’s presidency would be recognized for its “heroic” gamble on the future, Zhao added, because of El Salvador’s pioneering position in adopting bitcoin. In the wake of the cryptocurrency’s record high in early November, public distrust has hampered the country’s adoption of bitcoin.
Bond Issuance Postponed
The government said on Tuesday that it was postponing the issue of bitcoin bonds. According to Finance Minister Alejandro Zelaya on Tuesday, the government of El Salvador opted to wait for more favorable market circumstances before issuing an unprecedented bitcoin-backed bond scheduled for last week.
Initially, the Central American government had planned to debut the $1 billion bond between March 15 and 17, but this was postponed due to the conflict between Russia and Ukraine and the volatility of crypto. In addition, the International Monetary Fund (IMF) expressed concern that El Salvador’s decision to use bitcoin as legal cash might have had a negative impact on the country’s economy when it was announced last year.
According to CoinMarketCap, the Bitcoin price today is $42,913.89 USD with a 24-hour trading volume of $25,937,202,539 USD. Bitcoin has been up 2.19% in the last 24 hours.