Fun

Salvadoran Bitcoin Bonds Might Be Issued by State Geothermal Company La Geo, Delays Possible

News Feed - 2022-03-23 10:03:48

Salvadoran Bitcoin Bonds Might Be Issued by State Geothermal Company La Geo, Delays Possible


The treasury minister of El Salvador, Alejandro Zelaya, has informed about the future of the issuance of the bitcoin bonds and the possibility of these being issued by La Geo, the national geothermal power company. Zelaya also referred to the day of issuance of these instruments, hinting at a possible delay that would see the bonds go out to the market in May or even July. El Salvador Might Issue Bitcoin Bonds Through La Geo


The treasury minister of El Salvador, Alejandro Zelaya, gave his take on the issuance of the bitcoin bonds and how these might be linked to La Geo, the national geothermal power company. In an interview offered to a local television program, Zelaya stated that they will be issuing the bitcoin bonds through La Geo, which will have the responsibility of backing the instrument.


However, Zelaya reassured future investors, explaining that even under this model, the state would be responsible for the bond issuance, giving warranties to bondholders. On this, Zelaya declared:


If it is issued by La Geo or by the Salvadoran State, in the end, it is always a debt of the State. We as a state contribute all the capital. These are autonomous state companies.


The bitcoin bonds were proposed by the president of the country, Nayib Bukele, as a means of getting financing for constructing Bitcoin City, a city to be powered by geothermal energy. The first issuance of the bonds would be backed by bitcoin, offering 6.5%. Issuance Date Still Undecided


Zelaya also referred to the exact date and time when these bonds will be issued, Zelaya stated that, according to his point of view, these bonds could go out to the market during the months of March and April. However, he noted that the situation is not favorable for this timeframe at the moment. He also mentioned that May and June could offer good conditions for the bond issuance, too.


Furthermore, the minister stated that after September there are poor opportunities for the issuance to have a big impact. Zelaya also informed that they expect to be oversubscribed, and mentioned $1.5 billion as the number the government expect to achieve with this initiative.


The country has been preparing its legal framework for the launch of these bonds since January when 20 bills were drafted to support their issuance. Tags in this story alejandro zelaya, Bitcoin, bitcoin bonds, Bitcoin City, El Salvador, la geo, Nayib Bukele


What do you think about the current situation of the bitcoin bonds and their issuance in El Salvador? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Venezuelan Minimum Monthly Wage Not Pegged to the Petro, According to Official Gazette Decree EMERGING MARKETS | 3 days ago Crypto Exchange FTX Partners With AZA Finance "to Expand the Adoption of Web3 and Digital Currencies in Africa" EMERGING MARKETS | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWex Exchange Co-Owner Reportedly Detained in Russia Next articleBitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 as Crypto Gains Encounter Resistance Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBNDES Director Offers New Insights on Development of Brazilian Blockchain Network


Gladstone Arantes, a director of the Brazilian Development Bank (BNDES), gave new details about the progress of the Brazilian Blockchain Network, a project that has been in development since 2018. The network will be created on top of the Hyperledger ... read more.Fed Hikes Benchmark Bank Rate for the First Time Since 2018, FOMC Expects 6 More Increases US Justice Department Returns Stolen Bitcoin to Victim of Government Imposter Scam President Zelenskyy Signs Ukraine’s Law ‘On Virtual Assets’ Kenyans Lost $120 Million to Cryptocurrency Scams in the Past Financial Year — Government Official

News Feed

Russia to Track Crypto Transactions With Help From Sberbank-Owned Company
Russia to Track Crypto Transactions With Help From Sberbank-Owned Company The Federal Financial Monitoring Service of Russia is going to start tracking cryptocur
Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon
Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon You know what they say, “when life gives you lemons, make lemonade.” But when it comes to protecting your crypt
Marcel Pechman10 hours agoBitcoin futures open interest jumps by $1B: Manipulation or hedge?Bitcoin spiking above $27,200 amid a big jump in open interest has some analysts asking whether BTC’s price is being manipulat
J.W. Verret1 hour agoIt’s time for the SEC to settle with Coinbase and RippleThe Securities and Exchange Commission should recognize it’s time to settle its cases against Coinbase and Ripple Labs.629 Total views1 Tot
Tom Mitchelhill4 hours agoIs SBF secretly behind BALD? Crypto Twitter debates latest conspiracyCrypto Twitter has been set ablaze with a new conspiracy that Sam Bankman-Fried is secretly pulling the strings of a new meme
Survey: 1 in 10 Irish Investors, Quarter of Young People Hold Cryptocurrencies
Survey: 1 in 10 Irish Investors, Quarter of Young People Hold Cryptocurrencies Investors in Ireland are attracted to digital opportunities offering better returns and often find th
Cointelegraph Innovation Circle9 hours ago8 ways crypto companies can improve their financial compliance in the USAbsent clear, comprehensive regulatory guidance in the U.S., crypto companies would be wise to shore up th
Bitwala Launches Bitcoin Interest Account With up to 4.3% Annual Rate
Bitwala Launches Bitcoin Interest Account With up to 4.3% Annual RateNeobanking service provider Bitwala on Thursday introduced a new account that offers its 80,000 European custome
Savannah Fortis11 hours ago​​Hong Kong authorities say 145 victims, $18.9M lost in Hounax scamAuthorities in Hong Kong confirmed 145 users were scammed on the unlicensed crypto exchange Hounax, resulting in $18.9 mil
Why is XRP price up today?
Yashu Gola10 hours agoWhy is XRP price up today?Institutional inflows are primarily driving XRP alongside the rest of the crypto market today, with increasing whale holdings furthering the bullish outlook.666 Total views
Dogecoin Whales Bought Over 90 Million DOGE In 48H – Details
Este artículo también está disponible en español. Dogecoin is currently trading around $0.31, a level that has left investors in a state of uncertainty. The price has bee
Libra Testnet Fails to Impress as New Legislation Looms
Libra Testnet Fails to Impress as New Legislation Looms A November 15 blog post by Libra project developers detailing testnet developments has apparently failed to impress govern