El Salvador will complete the preparation of the issue of the first $1 billion bitcoin bonds by March 15-20.

According to the estimates of the country's Finance Minister Alejandro Celaya, the oversubscription for securities will amount to "at least $ 500 million." The minimum purchase of $100 and the absence of a broker during the placement will expand the number of potential investors, the official said.

According to the previously presented plan, the coupon rate will be 6.5% per annum, the maturity of the bonds will come in 2032. To purchase securities, KYC procedures will be required. Read more at www.thebestbitcoinmixers.com/bitcoin-mixer

The placement is implemented on the Blockstream Liquid Network sidechain.

Bitfinex Securities, a platform for trading tokenized securities, will handle the calculations for the issue. As part of the agreement, the latter will also help the Government of El Salvador to develop a regulatory framework for blockchain-based digital financial instruments.

According to the press release, half of the profit from the sale of bonds will be directed to the development of mining infrastructure on geothermal volcanic energy. The other 50% is for the purchase of digital gold for the state trust.

The IMF expressed concerns about the risks associated with bitcoin bonds of El Salvador. The organization has repeatedly called on the state to abandon the first cryptocurrency as a means of payment.

On February 9, Fitch downgraded El Salvador's rating from "B-" to "CCC". As a justification, analysts mentioned the increased dependence on short-term financing in the light of the upcoming repayment of the $800 million bond issue in January 2023, as well as difficulties with extending cooperation with the IMF in 2022-2023.

Recall that in February, the government of El Salvador improved the functionality of the Chivo digital wallet.

Earlier, the country's president Nayib Bukele called the growth of bitcoin a matter of time