El Salvador keeps its Bitcoin Bond project

the Minister of Finances from salvador defends the government’s choice to legalize Bitcoin. Alexander Zelaya also ensures that the issuance of a billion dollar bond backed by BTC nest not questioned.

the salvador was he right to legalize Bitcoin and invest public money in the purchase of Bitcoin? This political choice is revised in the United States, by the IMF, but also among the population.

In an interview at Bloombergthe Minister of Finances of the country retains its BTC support and government policy. El Salvador has spent millions of dollars to acquire 2,381 bitcoins.

Bitcoin capital plummeting by 50%

Since the value of the first of the crypto-assets in terms of capitalization has lost about 50%. However, Alejandro Zelaya assures that the benefits of the legalization of cryptocurrency are there.

The Minister cites in particular theaccess to financial services of a large part of the unbanked population from the country. The head of Finance also highlights the results in terms of attracting investors and tourists.

As for the more direct contributions of Bitcoin, you will have to be patient, defends Zelaya. “We will not have results overnight. We cannot go to bed poor and wake up millionaires,” the minister said.

So everything is matter of time and acculturation, he promotes. The current situation of the country’s finances and the price of crypto-currencies does not therefore call into question El Salvador’s projects.

Bitcoin City still relevant

The country thus still plans to issue a bitcoin bond an amount a billion dollars in order to ensure the financing of these projects, including that of Bitcoin City. This ambition will be implemented when market conditions are more favourable, specifies the member of the executive.

New announcements around Bitcoin are promised in the coming months. In 2022, El Salvador must also reach an agreement with the MFI with which he is negotiating aid of 1.3 billion dollars.

However, the International Monetary Fund is pressuring the Central American country to give up its pro-Bitcoin politics. Its aid could even be conditional on it. The IMF had thus demanded commitments from Argentina on the regulation of crypto.

For Alejandro Zelaya, crypto and traditional finance are nevertheless compatible. “I believe in the traditional international monetary system, just as I believe in new technologies propagating human beings into the future.” However, there is no guarantee that the IMF will agree with this analysis.

Follow Coins.fr on TwitterLinkedIn, Facebook we Telegram so as not to miss anything.

The Crypto NewsletterReceive a weekly news summary

Leave a Comment