The long-awaited El Salvador Bitcoin Bonds look like they will be further delayed, according to Paolo Ardoino, CTO of Bitfinex, the exchange where these bonds will be offered.
El Salvador: Paolo Ardoino says there will be a delay in the launch of the Bitcoin Bonds
According to reports, it appears that the CTO of Bitfinex, Paolo Ardoino, said in an interview that the launch of El Salvador’s Bitcoin Bonds will be further delayed due to the regulatory framework dedicated to these digital bonds that is not yet ready.
Basically, Ardoino explains in an interview that El Salvador’s bonds that will be issued to finance the construction of Bitcoin City are still awaiting regulatory support.
Specifically, Ardoino said:
“If the law passes by September, I would expect it to reasonably take two to three months to have everything else rolled out.”
So it seems that the outlook is positive, despite the continued delays in launching when you consider that the project was announced in November last year.
El Salvador and a new postponement to the Bitcoin Bond launch
From November 2021 to the present, there have been many stated postponements on the launch of the $1 billion Bitcoin bond.
First December 2021, then March 2022, and the latest was June 2022 with the new date scheduled for precisely this September 2022.
The reasons for these delays relate both to regulatory difficulties, but also as Minister Alejandro Zelaya reportedly said, the period of “crypto winter” that the market is experiencing due to the global geo-political and economic-financial situation.
Zelaya described Bitcoin as a store of value, saying that businesses and citizens can set aside some over time, just like savings. So Zelaya sees the difficulties but remains a supporter of the cryptocurrency queen.
The latest BTC price dumps around $20,000
Over the past week, Bitcoin has recorded price dumps below its value, which at the time of writing is $20,128. And in fact, on both August 29 and 30 and September 1, BTC touched $19,000. Still far from the nearly $25,000 touched two weeks ago and the $30,000 of early summer.