I will briefly outline what is currently happening in El Salvador with the issue of Bitcoin.
Volcano Energy bonds are not issued because there is no demand for them and real investors prefer ordinary Salvador dollar bonds for which the guaranteed income is higher (~12%) than for the bonds of this project (~6,5%). In general, everything has been postponed and frozen. The promise to issue these bonds in the 1st quarter of 2024 has not been fulfilled.
sourse The first public offering of digital debt Assets in Salvador, intended to finance the construction of the Hampton by Hilton hotel at the international airport of El Salvador, it failed even before reaching the minimum expected amount of $500,000, remaining at only $342,000, according to information posted on the website Bitfinex Securities website, the platform on which the tokens were traded.
source Bitfinex Securities sponsored the Astana Finance Days 2023 event in the capital of Kazakhstan. El Salvador's National Commission for Digital Assets (CNAD) and the Astana Financial Services Authority (AFSA), its equivalent in the Kazakh capital,
signed a memorandum of understanding in May 2024, the latter organization announced on its website.
Only eight investors applied for Bitcoin Passports from El Salvador 80% of the bitcoins that Bukele announced he would store in the "vault" came from the Bitfinex wallet. Only 20% of the Bitcoin that was transferred to that address came from the Chivo Wallet ecosystem - 1121
BTC. The rest came from the Bitfinex wallet, almost exclusively from one address, which seems to be the center of this activity companies as exchanges
The Agency for Bitcoin Funds (AAB), created in 2023, increased its budget by $15.96 million and now has an allocation of $29.03 million, according to the Treasury Department's Fiscal Transparency.
AAB is distinct from the National Bitcoin Office, led by Americans Max Keyser and Stacy Herbert. The adopted digital assets law gives AAB the official status of the head of government agencies in the bitcoin field and allows the opening of bitcoin embassies in other countries.
The President of the Agency is Nina Bardi. Until November 2023, she was Deputy Director of the National Agency for Development and Design. According to an article in the El Faro newspaper, this office (created under the President of the Republic) is headed by David Rivard, a US Army veteran and construction businessman who claims to have been the best friend of Armando Bukele Cattan, the father of Nayib Bukele, who died in 2015.
source As it turned out, the process of introducing Bitcoin into mass use turned out to be quite difficult, as the experience of El Salvador and a number of failures of new projects shows us. But we all must take into account that El Salvador is a pioneer in this matter and this development of events is expected and simply must be passed through.
