El Salvador’s $1B Bitcoin Bond Delayed by Ukraine War, Says Finance Minister

El Salvador is monitoring the situation in Ukraine before determining the right time to launch its planned $1 billion Bitcoin bonds.

The country’s finance minister, Alejandro Zelaya, revealed this today during an interview in El Salvador’s “Frente a Frente” TV show, saying that the bond was supposed to be issued between March 15 and 20 but might be delayed due to the Russia-Ukraine war.

“We believe that between Mar 15 and 20 is the right timing, we have the tools almost finished. But the international context will tell us … I didn’t expect the war in Ukraine.

We’re still finishing some details, almost everything is ready, the thing is there is also a timing issue.”

El Salvador to Construct World’s First Bitcoin City

Meanwhile, last November, El Salvador’s President, Nayib Bukele announced that the country will be constructing the world’s first crypto-powered city dubbed “Bitcoin City,” which will be financed by $1 billion Bitcoin bonds.

The Bitcoin City will be built in the eastern region of La Unión near the Conchagua volcano.

Recall that earlier this year, President Bukele predicted that the said bond would be over-subscribed as well as making other Bitcoin bullish predictions for 2022.

Not Backing Down on its Bitcoin Adoption

El Salvador has continued to stand its ground in its Bitcoin adoption as a legal tender alongside the US dollar.

Since making Bitcoin a legal tender back in September last year, the country has continued to add more BTC to its balance sheet. Since announcing its most recent purchase in January, El Salvador now has about 1,701 BTC in its portfolio.

President Bukele also disclosed that the country is currently constructing a pet hospital and 20 Bitcoin schools via proceeds from its BTC investments.

Meanwhile, the Latin American nation has received praise as well as criticism for making Bitcoin a legal tender.

President Bukele recently rebuked U.S. senators for asking them to stay out of the country’s “internal affairs” after they called for an investigation into the economic risks the United States faces due to El Salvador’s adoption of Bitcoin as legal tender.