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News

El Salvador to launch first Bitcoin bond

Thursday 10 February 2022 13:13 CET | News

El Salvador has announced plans to issue its first Bitcoin bond in March 2022, as finance minister Alejandro Zelaya said on 8 February.

Speaking on a local news program, Zelaya said that the government is planning to have the bond ready for issuance between 15 March and 20 March.

Zelaya confirmed that the government is still planning to issue USD 1 billion for the first bond, as previously mentioned during a 20 November event. However, Zelaya said during the show that he now expects the bond to be oversubscribed by about USD 500 million, at least.

According to Zelaya, more people would have access to this new type of bond than a traditional one, as it will allow a minimum purchase of USD 100 and does not require going through a stockbroker. The bond will be issued on Blockstream’s Liquid Network sidechain. Zelaya said the Bitcoin bonds will comply with the regulations of the financial markets, such as know-your-customer (KYC) and due diligence practices.

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Keywords: crypto, regulation, central bank, Bitcoin
Categories: DeFi & Crypto & Web3
Companies:
Countries: El Salvador
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