El Salvador Bitcoin Bond Issue Scheduled for March 15 -20 – Finance Minister

The $1 billion bitcoin bond issue of the government of El Salvador has been scheduled for issue from March 15-20. The country’s finance minister, Alejandro Zelaya announced this in a Television show Frente a Frente on Tuesday. The bond is expected to pay 6.5% p.a and will be launched on a Bitcoin service built by Blockstream known as Liquid.

Another benefit of the bitcoin bond include upside participation right if the value of the $1 billion bond exceeds that mark.

The bond is expected to help the country raise funds without the interference and stringent measures of the IMF that has been in opposition to the country’s adoption of the digital currency as a legal tender.

To Comply With Regulatory Standards

Some investors are already seeking ways to participate in the sale of the bond but the country is yet to publish a more elaborate fact sheet on the investment. What is obvious at the moment is that people could be exposed to the bond with a minimum investment of $100. Also the finance minister added that there will be full compliance with KYC and AML protocols for all investors.

$300 Million Wait-List

As at the time of filing this report, BTC was trading at $44,932 and is expected to make the $45,000 mark. It would be interesting to see what impact the news would have on the market charts. Last December, the Blockstream strategy officer, Samson Mow said that the bond already had a $300 million wait-list.

The country’s president, Nayib Bukele, while announcing the bond last November, said that $500 million or half the bond value would be invested in Bitcoin infrastructure such as mining while the remaining $500 million would be invested in renewable volcanic energy.

Investors seeking to visit El Salvador are advised to be aware that the country requires vaccination compliance, especially for the Covid19.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.