"Now it is certain, El Salvador's long-awaited Bitcoin bonds will finally be issued during the first quarter of 2024." This is confirmed by Stacy Herbert and Max Keizer, the American bitcoiners who reside in the Central American country and who are now in charge of the Bitcoin Office.

The information was provided within the framework of a video broadcast by X , where Juan Carlos Reyes, president of the National Digital Assets Commission, also participated; Paolo Ardoino, Chief Technology Officer of Bitfinex; and Jesse Knutson, Chief Operating Officer of Bitfinex Securities.

When asked about the delay in the launch, everyone agreed that there were many logical reasons that explained the delay of the Bitcoin bonds , which were announced two years ago and whose issuance date has been postponed on several occasions . "This is the question we are asked the most and we are asked about it on the networks every day," Herbert responds:  

We are aware that we must do it right and that is why we are working very carefully to define all the terms and conditions. Until now the economic conditions were not in place. The idea is that everyone wins, both El Salvador and the investors. 

In that sense, the Bitcoin Office is working with Bitfinex Securities, "to make sure that the perspectives are correct, that the terms are correct and that we can all accept the conditions," he said. 

He also explains that one of the causes for the delay also has to do with the political moment that El Salvador is experiencing, since this Sunday, February 4, the presidential elections will be held and everyone is waiting for the results.

And although it is most likely that Nayib Bukele will be re-elected as president, "we have been very busy with this whole electoral issue," adds Stacy. Once the elections are closed, the details of the bond issuance will be finalized, she assured.  

The so-called “Volcano Bonds”  consist  of an issue of $1,000 million backed by bitcoin. They were announced in November 2021 by Bukele, shortly after approving the law that recognizes bitcoin as legal tender in the country.  

As Bukele explained in a presentation two years ago, it is estimated that these bonds have an interest coupon of 6.50% per year in dollars , which would be paid to investors every January for a duration of 10 years. 

The Digital Assets Commission approved the issuance of the bonds last December. What remains pending now is "to comply with some legal requirements to proceed with the issue," according to its president, Juan Carlos Reyes. 

Reyes highlights the importance of this launch, one of the first to be approved by the Commission and which, in his opinion, will open the doors for the entry of thousands of investors to the Central American country. He hopes with this the arrival of substantial capital. A prediction with which Ardoino and Knutson, from Bitfinex, agree. 

They remember, in that sense, that Bitcoin bonuses will be offered through Bitfinex Securities, a regulated division of the cryptocurrency exchange. Hence Ardoino and Knutson draw attention to the particularity of this new product. 

“The volcano bonds will be the first of their kind and with them we want to position El Salvador in the international market,” explains Ardoino. He claims that the country is already at an advantage over the rest of the world , being the only one that has bitcoin as legal tender and specific legislation for the cryptocurrency ecosystem.