El Salvador’s Bitcoin Bonds Facing More Delays…Here’s Why?
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Answer El Salvador’s Bitcoin Bonds Facing More Delays…Here’s Why?
On Tuesday, August 30, Paulo Arduino, chief technology officer at Bitfinex, recently stated that there will be further delays in the launch of Bitcoin bonds in El Salvador.
Since El Salvador submitted bitcoin as a legal tender last year, the country has been working on its own bitcoin bond.
The launch has been delayed in multiple instances in the past and there could be more delays in the future too!
Earlier in March 2022, the Latin American country postponed the launch due to unfavorable market conditions.
With no clear timetable provided.
Some market experts believe that there is not enough interest from investors while others are beginning to doubt whether it will work.
Read:Bitcoin price rises as stock market crashes – is the correlation broken?
Bitfinex is currently the only Bitcoin Bond exchange provider in El Salvador.
Earlier, Arduino told Bitfinex that he was waiting for the Latin American country to pass the bill for its digital securities.
This would pave the way for Bitfinex to emerge as a technology provider for bonds.
At the time, Arduino predicted that the bond digital token would be launched by mid-September.
Although the deadline is approaching, the bill is far from finished.
Final draft of the bitcoin bond ready:
During his interview with Fortune, Arduino said that government officials in El Salvador told him that the final draft was ready and that they would pass it soon in two weeks.
However, they have not yet provided any specific and clear timetable.
Arduino said:
If the law is passed by September, I expect it will take two to three months for everything else to be implemented.
But what if El Salvador’s government fails to pass the bill next month?
This could mean a further delay until early 2023.
Read:Google Cloud Partners with Coinbase to Accept Crypto Payments and Improve the Web 3
William Snead, Latin America strategist at BBVA, told Fortune that the issuance of the volcanic bitcoin bond brought El Salvador a bad credit rating.
He said the crypto bond issuance has a very low probability of success and is unlikely to come to market.
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