El Salvador has postponed its planned 1 billion dollar bitcoin bond offering
The nation’s Finance Minister says unfavourable market conditions led to the discussion.
It had initially been scheduled to launch last week but the impacts of the war in Ukraine caused the government to change the timeline.
The Finance Minister says the bitcoin bond will have a “substantial over-subscription” that could even reach 1.5 billion dollars.
In November, President Nayib Bukele announced plans to build a “Bitcoin City” funded by the sale of the bonds, which have an annual coupon of 6.5 percent.
Half the funds will be used to accumulate bitcoin, with the rest earmarked for infrastructure and bitcoin mining works that are powered by geothermal energy.
