With bitcoin, Bukele sought to make it easier, and cheaper, for Salvadorans to receive remittances and to provide financial services access to the 70 percent of people with no bank account. It remains unclear if there will be any alterations to the terms of the bonds as a result of their postponed launch. Bukele first announced the Volcano Bond, named after a plan to use geothermal energy from a volcano to power Bitcoin mining , in , shortly after the nation adopted Bitcoin as legal tender. The government has not disclosed whether this has been done. Head to consensus.
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This article can be found in the category: Cryptocurrency,. From the Book Cryptocurrency Investing For Dummies. Cryptocurrency All-in-One For Dummies will help you: Gain an understanding of how cryptocurrency works and the blockchain technologies that power cryptocurrency.
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Read MoreWe've detected you are on Internet Explorer. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Join the community to get our latest stories and updates. If successful, the bond could help the Central American nation avoid defaulting on its debt, although the International Monetary Fund has for years urged El Salvador to get rid of Bitcoin as a legal currency. Text size.