El Salvador’s authorities still believe that now is not the right time to launch its bitcoin bonds. This was announced by Finance Minister Alejandro Zelaya, citing market conditions after the onset of the war between Russia and Ukraine.
The $1 billion bonds were originally to be issued between March 15 and March 20. But March 22 said the country was still waiting for the right time to issue them.
Meanwhile, economists have expressed concerns about the country’s ability to raise funds to cover its upcoming financial obligations, including the $800 million in bonds that expire in January.
“And at this point there is no guarantee that the country will get that money,” said Ricardo Castaneda, an economist with the Central American Institute for Financial Research (ICEFI).
Overall, he estimated that the country needs to find about $3 billion, given the gap between revenues and expenditures through 2024.