Bitcoin bond still on hold, El Salvador accused of human rights violations

Bitcoin

Bitcoin bond still on hold, El Salvador accused of human rights violations

El Salvador’s finance minister believes the ongoing price volatility of Bitcoin means the awaited “Bitcoin bond” won’t be launched anytime soon. Meanwhile, the country faces a “human rights crisis.”

El Salvador’s Finance Minister Alejandro Zelaya has said the country will further delay launching its anticipated billion-dollar Bitcoin (BTC) bond, citing price volatility and uncertain market conditions resulting from the ongoing Russia-Ukrainian war.

The news comes at the same time that Amnesty International accused the Salvadoran authorities of “flagrant violations of human rights and criminalizing people living in poverty.”

In a Wednesday interview on the local “Frente a Frente” (Face-to-Face) news program, Zelaya was asked if the situation with the $1 billion Bitcoin bond issuance from a “few months ago” had changed.

“No, not yet, the [Bitcoin] price continues to be disrupted by the war in Ukraine,” he said according to a rough translation. He added that “in the short term the variations are constant but in the long term it always tends to appreciate in value:”

But, despite the abuses, many El Salvadorians agree with Bukele’s harsh measures, as the president remains popular in opinion polls. The most recent poll released by local media on Wednesday shows a near 87% approval rate for the current president.

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