El Salvador Taps Binance To Help With Bitcoin Adoption: What You Need To Know

El Salvador, the first country to adopt Bitcoin BTC/USD as legal tender, is turning to Binance for help in its quest to issue bonds denominated in the apex coin.

What Happened: The Central American nation is seeking the Chanpeng Zhao-led cryptocurrency trading platform’s help with bonds as well as Bitcoin adoption, according to El Salvador’s ambassador to the United States Milena Mayorga, Reuters reported on Wednesday.

Zhao is set to visit El Salvador on Thursday. Mayorga said the Binance chief’s visit was a vote of confidence in the Salvadoran President Nayib Bukele’s plan to adopt Bitcoin as legal tender and the country’s plan to issue bonds backed by the apex cryptocurrency, according to Reuters.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: El Salvador delayed the issuance of $1 billion worth of BTC-backed bonds due to unfavorable market conditions, according to a separate Reuters report.

Bukele asked Reuters on Wednesday not to spread fear, uncertainty, and doubt over the Bitcoin bonds. The leader said that the “short delay” in the issuance of the bonds was only because the country is “prioritizing internal pension reform” that needs to be sent to the Salvadoran Congress.

I’m a fan of @BitcoinMagazine, please don’t spread @Reuters FUD.

The #Bitcoin Volcano Bonds  will be issued with @bitfinex.

The short delay in the issuance is only because we are prioritizing internal pension reform and we have to send that to congress before. https://t.co/chUGgdDBDc

— Nayib Bukele (@nayibbukele) March 23, 2022

In a separate tweet, Bukele said he is meeting with Zhao to discuss "other" issues.

I’m meeting with @cz_binance tomorrow to discuss OTHER issues, not the Volcano Bonds

Unless he wants to buy some, of course #Bitcoin fixes FUD!

— Nayib Bukele (@nayibbukele) March 23, 2022

In November, it was reported that El Salvador would build a “Bitcoin City” near a volcano with the proceeds raised from the bonds. 

Price Action: BTC traded 1.3% higher at $42,837.90 over 24 hours at press time.

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