El Salvador President Dubs Reports Of Delay In Bitcoin Bonds Issue As 'FUD'

Nayib Bukele, the president of El Salvador, appealed to his 3.6 million Twitter Inc TWTR followers to not spread “Reuters FUD.”

What Happened: In a tweet on Thursday, Bukele refuted a reported published by Bitcoin Magazine, which citing Reuters, said that El Salvador’s planned Bitcoin BTC/USD bonds offering was postponed to September.

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

“The short delay in the issuance is only because we are prioritizing internal pension reform and we have to send that to congress before,” said Bukele.

Earlier this week, Reuters reported that the government of El Salvador had opted to postpone a planned $1 billion Bitcoin-backed bonds offering on the grounds that current market conditions are unfavorable.

Half of the proceeds from the bonds offering will reportedly be used to build “the first Bitcoin city” along the Gulf of Fonseca.

Binance CEO Changpeng Zhao’s visit to El Salvador gave rise to speculation that Binance would be the new underwriter of El Salvador’s Bitcoin bonds offering. On Thursday, Reuters reported that the nation had “turned to Binance for help” on Bitcoin adoption and bonds issue.

Bitfinex CEO Paolo Ardoino also refuted these reports, stating that “nothing has changed” from their side and the company was waiting on laws to be passed by Congress before the bonds issue can take place.

Price Action: At press time, Bitcoin was trading at $43,997, up 2.60% in the last 24 hours as per data from Benzinga Pro.