El Salvador Pays $800M Bitcoin Bond, President Slams Media
El Salvador, the first country to use Bitcoin as a legal tender, earlier this month passed another legislation to establish a legal framework for a Bitcoin-backed bond known as Volcano Bond. Through this bond El Salvador plans to pay its sovereign debt, sponsor the Bitcoin city construction and create Bitcoin mining infrastructure.
Today, the country’s president Nayib Bukele confirmed via Twitter post that El Salvador has completely paid its $800 million Eurobond repayment which was due in January 2023. This comes after the country was caught into major backlash following its Bitcoin bet. Back then even the International Monetary Fund (IMF) had argued that the country’s adoption of Bitcoin as a legal tender will lead to huge volatility.
El Salvador Pays Bitcoin Debt
On the other hand, when FTX collapsed the crypto market had a huge downfall where Bitcoin dropped more than 50%. This raised a concern among investors asking whether El Salvador can pay its next payment which was due on January 24, 2023. However, amidst the slight market pull back, those comments were shut when El Salvador repaid its $800 million debt along with the interest.
Nevertheless, president Nayib Bukele also slashed mainstream media in the US for not reporting such an important event. He claimed that last year when the country adopted Bitcoin as a legal tender, most of the media stated the country would go on default in Jan 2023. The president has also mentioned a few links to these kinds of articles and one such particular mention was New York Times articles.
Currently, Bitcoin is selling at $22,519 after a drop of 1.57% over the last 24hrs. Bitcoin’s immediate resistance lies at $22,600 while the support is positioned at $22,400.
El Salvador To Buy Daily One Bitcoin From November 18th
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Amidst the crypto crisis and Bitcoin losing its key level, El Salvador’s Nayib Bukele seems to be all set to purchase Bitcoin yet again. The President announced that they will recommence Bitcoin accumulation where they will buy one Bitcoin each day, commencing from Nov 18. However, the details on how long the country will proceed with this plan is yet to be revealed.
El Salvador became the first country to use Bitcoin as a legal tender starting on September 7, 2021. Until now, it has accumulated nearly $375 million worth of Bitcoin. Nayib Bukele has been one of the biggest supporters of Bitcoin and has stood against the warnings received by the IMF and World Bank.
Tap-To-Pay Bitcoin Lightning Bolt Cards Are Now Available In El Salvador
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Bitcoin company, CoinCorner, plans to install NFC card readers throughout El Salvador in order to create a smooth retail BTC experience.
In today’s fast-paced world, contactless card payments are highly common, and thanks to Lightning Network, BTC holders may now make use of these services as well. CoinCorner is introducing Bitcoin Lightning services in El Salvador and has collaborated with IBEX, a lightning infrastructure services provider, to bring NFC support throughout the country’s companies.
The Bolt Card, a Lightning payment card, was introduced on Wednesday.
The implementation of tap-to-pay card payment will allow for a more smooth BTC user experience in the nation, which the organization expects would increase BTC adoption.
El Salvador to Launch New Offering in 8 Weeks, Buys Back $565M Worth of Bonds
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On Wednesday, President Nayib Bukele said that El Salvador has purchased back a part of its sovereign debt bonds maturing in 2023 and 2025 totaling $565 million. El Salvador purchased 54% of the bonds maturing in 2025 for a total of $432 million and 22.4% of the bonds maturing in 2023, for a total of $133 million. The bond repurchase can be presumed as an attempt by the country to dismiss the rumors of a potential default on its debt.
Bukele revealed the initial repurchases have helped the country save more than $275 million. Bukele also disclosed that El Salvador will be launching a new offer for the remainder of the 2023 and 2025 bonds in eight weeks.