El Salvador’s ambassador to the United States, Milena Mayorga, has assured that she was sent to Switzerland on a mission to plan the launch of Bitcoin Bonds (or Volcano).
“The first law they passed this year is the Digital Assets Law and how important it is is that this will give us a margin to be able to launch Volcano Bonds, so (naive) President Bukele made me a Swiss ” he said during a television interview yesterday.
Mayorga did not disclose the date of the visit, but assured that he had met with representatives of the Tether cryptocurrency and Bitfinex. I showed that.
The diplomat assured that the bond issuance is still underway and that approval of the Digital Assets Act will provide leeway for its issuance.
The issuance of bonds is an initiative that has been promised on various occasions. President Naive Bukele was the first person to speak about this kind of issuance in November 2021, when he assured that the operation would reach his $1 billion mark, as well as the creation of Bitcoin City. Announced.
Finance Minister Alejandro Zelaya indicated on several occasions that the operation was still underway, but it was called off due to falling cryptocurrency prices and financial market adjustments following the conflict in Ukraine.
In September last year, Paolo Aldonio, director of technology at Bitfinex, confirmed to Cointelegraph that the Bitcoin bond issuance has been delayed and could be issued at the end of 2022.
Until early 2023, the government has yet to reveal when the placements will be issued on the market.