El Salvadoran President Nayib Bukele said the government had repaid $800 million in bonds and interest on the same day they were set to mature.
The bond settlement comes despite pessimism that the country will experience financial hardships due to Bitcoin’s foray.
“I paid in full”
The political leader of El Salvador, one of Bitcoin’s biggest supporters, announced the news on Twitter, regretting that most international media did not disseminate the information. He was one of the first to question whether the country could pay off the $800 million bond that matured on the 23rd.
Over the past year, almost all conventional international news media have#bitcoin Bet’, El Salvador was set to default by January 2023 (due to $800 million in bonds maturing today).
Literally hundreds of articles https://t.co/rEiK7K13U4
— Nayib Bukele (@nayibbukele) January 24, 2023
He specifically referred to The New York Times. claimed In July last year, El Salvador’s decision to buy bitcoin at the macroeconomic level could damage its currency network and prevent it from paying its debts. It said it had been settled without a contract with the IMF.
Changpeng Zhao (CZ) – CEO of Binance, the world’s leading cryptocurrency exchange – congratulated El Salvador on meeting its financial obligations.
Minister of Finance of the country – Alejandro Celaya – also Verified Payouts for millions of bonds:
“Unfortunately, due to some domestic and international media disinformation campaigns, we are announcing today that we have completed the payment of our 2023 bonds of $800 million plus interest.”
According to the press agency of the president’s office, Said Reuters revealed that the government recently paid $604.1 million and $23.4 million in interest and executed two more transactions in 2022.
El Salvador: Bitcoin Country
El Salvador will legalize bitcoin in September 2021, and officials continue to support it even during a prolonged bear market.
El Salvador is also using the difficult macroeconomic conditions as an opportunity to buy more digital assets. The latest data shows it holds 2,381 BTC, although that number could be higher since President Bukele. swore The government plans to buy 1 bitcoin per day in mid-November. However, there is no information on whether the buy will go as promised.
The country is currently suffering considerable losses due to the drop in the cryptocurrency market. El Salvador spent more than her $103 million amassing its stash over the years, but it’s now worth almost half.
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