Alejandro Zelaya, El Salvador's finance minister, has said there are currently no favorable conditions for El Salvador to launch $1 billion worth of Bitcoin bonds.
Recall that El Salvador originally intended to issue $1 billion in Bitcoin bonds between March 15 and March 20. In case of success, the authorities wanted to make an additional issuance of $500 million.
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However, on March 22, the country's Ministry of Finance postponed the issuance due to deteriorating market conditions and the need to complete the regulatory framework for the sector.
Economists fear the country will default in January next year, when it will have to redeem $800 million in fiat bonds.
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The IMF has previously expressed concern about the risks associated with El Salvador's Bitcoin bonds. The organization has repeatedly called on the state to abandon Bitcoin as a means of payment.