Crypto-friendly El Salvador settles its outstanding governme...| MENAFN.COM

Tuesday, 31 January 2023 10:12 GMT

Crypto-friendly El Salvador settles its outstanding government debt


(MENAFN) El Salvador has successfully paid a USD800 million bond payment that was due this month, according to a tweet from President Nayib Bukele. According to Bukele's press office, the transaction on Tuesday followed an earlier payment and included a USD604.1 million bond payment as well as USD23.4 million in interest.

President Bukele wrote, quoting several cautions in local and global media that the government could not be able to meet its responsibilities because of an excessive reliance on cryptocurrency, “well, we just paid in full, $800 million plus interest. But of course, almost nobody is covering the story… They lie and lie and lie, and when their lies are exposed, they go on silence mode.”

Following a statement from Alejandro Zelaya, El Salvador's finance minister, who also criticized the media's "disinformation campaign" over the country's financial situation, came Bukele's announcement.

Bukele, who refers to himself as "the CEO of El Salvador," has pushed for the introduction of bitcoin as a reserve currency alongside the United States dollar in that nation starting in 2021. The first nation to allow bitcoin as a form of payment was El Salvador. The action provoked intense debate and led Fitch ratings to lower El Salvador's national debt in September last year to "CC," which denotes a very high degree of default risk.

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