El Salvador is Planning to Launch Bitcoin-Backed Bond

Alejandro Zelaya, the finance minister of Al-Salvador, recently offered some big news about the Bitcoin bond. He was appearing on a local media program known as Frente a Frente. The news has been making rounds on social media as yet another huge Bitcoin-related innovation that the Salvadorian government will be introducing to the world.

Zelaya told journalists that the launch of the Bitcoin-backed bond in the country was sooner than most people expected. He specified that the said bond would go public between 15 to 2 March. He also declared that the bond would be accessible for residents of Central America. Considering the information of FM, the BTC bonds will go live as soon as next week.

Zelaya told the media that at present, the government commissioned developers are working on making all the necessary preparations for a bitcoin-backed bond. He claimed that after some finishing touches and tests, the government would be in a position to introduce the band for the masses. He also claimed that the timing for the launch is also fundamentally important.

He declared that considering the current geopolitical tensions around the world, the government has found it challenging to find a suitable date for the launch of the Bitcoin-backed bond. Zelaya also claimed that up until a few days ago, no one could have predicted the predicament to occur.

President of El Salvador First Announced a Bitcoin-Backed Bond Last Year

The President of El Salvador has always had big plans for Bitcoin-related development in the country. He claimed that Bitcoin legal tender would allow the nation to save billions that are wasted on remittance facilitators every year. He also announced a Bitcoin bond last year in November.

Bukele also plans on using the Bitcoin reserves of the country in building new energy generation infrastructure in the country. He has also shared the blueprint for Bitcoin City, a metropolis project that will draw its energy requirements from the local volcanic geothermal power plant. A recent survey, however, declares that only 27% of the population trusted Bitcoin up until January this year.