No sign of El Salvador’s Bitcoin bond days before promised expiration date

Important facts:
  • No entity related to Bitcoin bonds has reported anything about it.

  • In the past, bond issuances have been delayed due to market conditions.

There are four days left until the end of the first quarter of 2024 and yet, the government of El Salvador has not reported the expected Bitcoin (BTC) bond issuance, the launch date of which was scheduled for this period.

As the National Bitcoin Office of El Salvador (ONBTC) reported last February, the so-called volcanic bonds will reach the market in the first three months of the current year. An announcement full of expectations in view of the issuance of these financial instruments There has been a delay of more than two years.

“It is now certain, El Salvador’s long-awaited Bitcoin bonds will finally be issued during the first quarter of 2024,” said bitcoiners Stacey Herbert and Max Keizer, members of the government ONTC, as reported by CryptoNoticias.

The announcement was made during a virtual meeting with the celebrities who are part of the plan to issue the bonds. They are Juan Carlos Reyes, President of the National Commission for Digital Assets (CNAD); Paolo Ardoino, Chief Technology Officer of Bitfinex, and Jesse Knutson, Chief Operating Officer of Bitfinex Securities.

However, this date is on social networks and the official channels of ONTC, Bitfinex and CNAD. Nothing has been reported regarding the Volcano bond issuance., Nor on the official account of President Nayib Bukele, who is usually in charge of making announcements through publications on X.

CriptoNoticias tried to contact representatives of ONTC and Bitfinex as well as the Digital Assets Commission on several occasions to find out whether the Bitcoin bonus will eventually be launched before the end of March.But no comments were received for this report.

What are Bitcoin Bonuses?

Bitcoin bonds are a financial instrument that first emerged in September 2021, when Nayib Bukele announced them as a project of his government. To raise US$1 billion.

For more than a year, these products already have a complete legal framework in place that allows and authorizes their issuance. The company in charge of launching and negotiating the bonds has also been registered, Which is Bitfinex exchange.

Bukele intends to bond volcano aims to finance BTC-related initiativesA currency that has been legal tender in El Salvador since 2021.

These initiatives include Bitcoin City, a Bitcoiner city in El Salvador in which no taxes will be paid, people will live off geothermal energy and the use of BTC as the sole currency will be promoted.

As planned, the metropolis will be located near the cities of Conchagua and La Union in the southeast of El Salvador. Now thatNeither digging of soil has been done in the city nor any work has been done for its construction. This is because Bitcoin bonds have not been issued.

However, what it means to say is that Bitcoin City already appears in the investment plans of tourism companies. Travel El Salvador company said they will include that city in their destinations And they will build projects in that metropolis.

However, the Bitcoin City project remains an unfulfilled promise by the Salvadoran government. In fact, the only resident of that city is still waiting for the construction of the metropolis in which he wants to live.

“I believe that Bitcoin City will be built and it is only a matter of time,” he said in December 2023.

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