Josué País, owner of an El Salvador taxi business that accepts payments in bitcoin from the tourists who use the service, is enthusiastically backing the country’s latest plan to cash in on the cryptocurrency craze. “The curiosity is what gets me,” said País, 36, who was planning to buy about $200 of the Central American country’s “bitcoin bond”.
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El Salvador prepares to launch bitcoin bond: ‘If this fails, a lot of doors close’
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The 10-year “volcano bond” is a key element of Bukele’s bold economic experiment. He hopes to raise at least $1bn to increase the country’s bitcoin stocks and to finance a new “bitcoin city” near the Honduran border powered by geothermal energy from a nearby volcano. Any additional funds raised could help it avoid a stringent IMF programme or a sovereign debt restructuring, experts said.
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