El Salvador Pegs Bitcoin Sovereign Bond Launch Between March 15-20

2022-3-12 02:25

El Salvador’s finance minister, Alejandro Zelaya, stated on Friday that the Central American country is looking for the ideal time to introduce a bitcoin-backed bond, which might happen between March 15 and 20, depending on the outcome of the Ukraine conflict.

El Salvador Bitcoin Bond To Fund Bitcoin City

President Nayib Bukele plans to issue his country’s first-ever $1 billion bitcoin-backed bond this month, with the proceeds going toward buying more cryptocurrencies and constructing “Bitcoin City,” a planned metropolis that would “mine” the digital coins using geothermal energy from a nearby volcano.

“We believe that between March 15 and 20 is the right timing, we have the tools almost finished. But the international context will tell us … I didn’t expect the war in Ukraine,” Zelaya told a local TV channel.

The bond has been hit by headwinds as bitcoin volatility rises, with Russia’s invasion of Ukraine adding to the worry.

Related Reading | Binance’s Bitcoin Dominance Sharply Rises, Now Holds 22.6% Of Total Exchange Supply

Bitcoin Bond Will Be Dominated

We earlier reported that the Bitcoin-based financial instrument is expected to be worth $1 billion. The bonds will be funded by taxes and will have a 6.5 percent annual return on investment when they expire after a decade.

The financial instrument will be one of the first to be backed by Bitcoin and issued by a sovereign nation. Furthermore, they will assist El Salvador in financing their Bitcoin city project, which is estimated to cost 300,000 BTC.

BTC/USD slides to $38k. Source: TradingView

The cost of constructing Bitcoin City is projected to be over 300,000 BTC. El Salvador will issue the world’s first bitcoin bonds to help fund the project. Part of the value added tax (VAT) collected from residents would be used to support the $1 billion bonds. Bonds will be issued for a period of ten years and will yield a 6.5 percent annual return on investment.

According to Blockstream’s Chief Strategy Officer, Samson Mow, the tokenized bonds would be denominated in US dollars and issued over the Liquid Network. The bonds have been in the works for months, according to Mow, after they were first offered to the president following discussions regarding El Salvador’s plans to accept Bitcoin as a legal tender.

Despite the fact that Mow expects the $1 billion bond to sell out soon owing to whale participation, the bond is entirely democratized to eliminate access hurdles. Mow said in his introduction that the bond would accept deposits as little as $100.

Related Reading | El Salvador’s Bitcoin Journey Kicks Off With A Bummer, BTC Price Crashes

Featured image from Pixabay, chart from TradingView.com

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bond (BOND) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 BOND

between march bond salvador bitcoin-backed introduce ideal

Источник: bitcoinist.com

between march → Результатов: 126


Фото:

Social-Creator Platform Raiinmaker Announces New CFO, Prepares For $COIIN Token Launch On March 14

Raiinmaker, a Web 3.0 social creator platform that seeks to bridge the gap between social media communities and the new cryptocurrency metaverse is thrilled to announce the appointment of Krystal Gracier as the platform’s Chief Financial Officer and Co-Founder, followed by plans to debut $COIIN on Pancake Swap and MEXC on March 14, 2022. Krystal […]

2022-3-11 02:09


Фото:

Crypto Exchange Bit2Me Celebrates New Launchpad With Massive B2M Airdrop

The Bit2Me Airdrop is now in progress, with 8,000,000 B2M coins being distributed to participants through Coinmarketcap. The airdrop will take place between February 9th and March 2nd, 2022. The B2M airdrop is the most anticipated in Spain, with over 50,000 holders in its first five months on the market. The First Recognized Crypto Exchange […]

2022-2-19 01:28


Фото:

Black Ocean Offers Whales Ample Liquidity and Trading Anonymity with Accelerated Initiatives on ProBit Global

Inspired by traditional markets and driven by a daily trading volume increase from Jan 2020 to present from $61B to $170B, VRM, a proprietary high-frequency trading company that reported average daily trading volumes between $15B – $20B in March, has developed a liquidity provision and order execution solution called Black Ocean. FLY, an ERC20 token […]

2021-5-28 18:18


IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano

Popular ‘Ethereum killer’ Cardano is on the march again, and this time it is focusing on creating a token bridge between Ethereum and its network. Cardano Releases ERC-20 Converter In a Monday release by project manager Francisco Landino of Input-Output Hong Kong (IOHK), the development arm of the Cardano project, said that the forthcoming Alonzo […] The post IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano first appeared on BitcoinExchangeGuide.

2021-5-19 22:14


4 In 10 People Want To Use Crypto Payments Next Year, Mastercard Survey Finds

According to a survey conducted by credit card giant Mastercard, four out of ten people expect to use cryptocurrencies for payments in the coming year. 93% Will Consider Using Emerging Payment Methods Between February 26 and March 10, Mastercard conducted an online survey and interviews with 15,569 consumers in 18 countries across four regions around […]

2021-5-5 15:23


Фото:

Cosmos (ATOM) Finally Activates Inter-Blockchain Communication (IBC) Protocol

The Cosmos (ATOM) development team has finally activated the Inter-Blockchain Communication (IBC) protocol on the platform following a vote by members of the Cosmos ecosystem. The team says IBC fosters interoperability between Cosmos and other blockchains, while also solving scalability issues via sharding, according to a tweet on March 29, 2021. IBC Live on CosmosRead More

2021-3-30 16:01


Фото:

Создатель Litecoin сравнил популярность NFT с манией ICO в 2017 году

Создатель криптовалюты Litecoin Чарли Ли отметил схожесть растущей популярности рынка невзаимозаменяемых токенов (NFT) с бумом ICO 2017 года и увлечением альткоинами 2013 года. I see a lot of parallels between 2021's NFTs with 2017's ICOs and 2013's altcoins: - easy to create new ones with no barriers - simple to understand & explain - brings tons of new people into crypto - high prices & pumps create hype/FOMO - few will hold & have value, most won't — Charlie Lee [LTC⚡] (@SatoshiLite) March 2, 2021 В качестве аргументов Ли провел пять параллелей.

2021-3-4 11:08


Finnosec Middle East – A Sync Between the Physical and Virtual Experience

MARCH 17 – 18, 2021 | DUBAI, UAE This is undoubtedly a time for organisations to remain alert given the increased opportunities for hackers due to work-from-home policies being stretched to unplanned levels, the pandemic has completely disrupted Financial Services Sector perception and planning around strategic, operational, technological and financial risks.

2020-12-24 15:25


Фото:

Stablecoin Supply Doubles to 12 billion Following a 50% Cryptocurrency Market Price Drop

The total supply of stablecoins in existence has doubled to 12 billion, following an increased demand sparked off by the March 12 (Black Thursday) 50% crypto price crash. The findings from the latest research study by Coin Metrics, which is sponsored by Bitstamp, show that it took a period between March 12 and the first […] The post Stablecoin Supply Doubles to 12 billion Following a 50% Cryptocurrency Market Price Drop appeared first on Bitcoin News.

2020-7-19 16:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Still Struggling To Take Off In El Salvador

El Salvador has become a hotbed for bitcoin adoption in recent months. As a result, it may come as a surprise that Bitcoin has failed to gain traction in the country, according to a recent survey. Despite this, several businesses are optimistic that BTC will gain traction in the long run. El Salvador became the […]

President Bukele predicts Bitcoin to reach 100k, enjoy more adoption

Last year, El Salvador sent a ripple wave through the crypto community when it announced the adoption of the flagship digital asset as a legal tender within its jurisdiction. The post President Bukele predicts Bitcoin to reach 100k, enjoy more adoption appeared first on CryptoSlate.