Since El Salvador's announcement on plans to launch Bitcoin bonds on November 2021, the effort has been delayed.
As mentioned earlier, Finance Minister El Salvador, Alejandro Zelaya said the launch was postponed due to the volatile market conditions of the Russian-Ukrainian war.
In a recent interview at a local news program on June 1, Zelaya was asked if the situation with a $ 1 billion bitcoin bond published a few months ago changed.
However, he replied that nothing had changed as Bitcoin (BTC) prices continued to be disturbed by the war in Ukraine.
The plan for the bond was partly to fund the construction of 'Bitcoin City' built near the volcano with the idea that its geothermal energy could be used for bitcoin miners. The other half of the funds will be invested into Bitcoin.
It was also supposed to be launched in mid -March 2022 but Zelaya has postponed it on the grounds of price uncertainty by giving the new launch date from June to September 2022.
However, despite this delay, the country's government is now being hit by allegations that it has committed a massive human rights violation.
In a new investigation released on Thursday, the UK-based human rights group said at least 18 people had died in national detention since the administration of President Nayib Bukele declared an emergency to curb group violence in late March.
However, Bukele's popularity is still high and his harsh action is seen by many El Salvador people according to a survey of local media issues on June 1.
