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Talks with the IMF for a $1 billion (roughly Rs. "Building the economy around cryptocurrency mining and attracting crypto businesses is an untested strategy to put it mildly," he said, adding Bukele did not appear to have plans to increase growth and tax revenues. Graham Stock, senior sovereign analyst at Blue Bat Asset Management, said government funding through Bitcoin could discourage El Salvador from adopting sustainable spending policies, adding the country would likely continue to need International Monetary Fund support. With such a high cost, the country is effectively excluded from borrowing on the market. The 2025 bond yields more than 18 percent, according to Refinitiv data. Investors sold off El Salvador's bonds in May after the Bukele-controlled Congress fired the attorney general and five Supreme Court judges, who were replaced with loyalists, critics say. This week it added an extra 79 basis points and sits above 1,200 bps, its widest ever. The spread of Salvadoran yields to safe-haven US Treasuries has widened sharply since late April. The 10-year Bitcoin bond offers a 6.5 percent coupon, payable yearly, but another Salvadoran bond that matures in 2032 is currently yielding close to 13.9 percent.įinancial markets have reacted warily.
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3,725 crore) are recouped, according to the plan. After the lock up, the Bitcoin can be sold, generating a capital return that will be split 50-50 between the government and investors, only after the initial $500 million (roughly Rs. Half of the bond money would go to infrastructure, including for building Bitcoin City, with the remainder used to purchase Bitcoin and locked up for five years. 3,725 crore) budget gap for next year according to credit rating agency Fitch.īut the Bitcoin bond is not designed to cover that gap.
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El Salvador currently faces a $500 million (roughly Rs. 7,450 crore) in "Volcano bonds" in partnership with Blockstream - a digital assets infrastructure company - would provide development funds. "This video makes me sick, angry, and sad at the same time," said Marce, Twitter user government says the issuance of $1 billion (roughly Rs. El Salvador Will Spend Its Bitcoin Profits on 20 New Schools.