El Salvador prepares to launch Bitcoin volcano bond as they face mounting debt - BitcoinEthereumNews.com
Six months after El Salvador became the first nation to make bitcoin legal currency, El Salvadors president Nayib Bukele is preparing to launch a controversial Bitcoin “volcano bond”, as early as this week. The 10-year estimated $1 billion volcano bond is part of El Salvador‘s plan to change the way the country relies on energy, as well as a way to increase the Latin American nation’s bitcoin stocks and to finance a new “bitcoin city” powered by geothermal energy. The so-called “volcano bonds” are the first of their kind, issued by El Salvadors state-owned energy company LaGeo on the Liquid Network, and could help El Salvador with their mounting debt. “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 didnt expect the war in Ukraine,” Finance Minister Alejandro Zelaya told a local TV chanel. “If this is a failure, a lot of doors close,” Carlos Acevedo, a former president of the countrys central bank, told the फाइनेंशियल टाइम्स। “This issue is going to define a lot.” एक में साक्षात्कार with Country Focus, the IMF El Salvador team discussed the challenges that El Salvador has been facing and how