Salvadoran President Nayib Bukele’s administration announced that the Central American nation will begin offering bonds backed by Bitcoin, making El Salvador the first nation to do so.

Previously in 2021, El Salvador shocked the world when the Bukele administration announced they would recognize Bitcoin as a legal tender, despite the cryptocurrency’s volatility.

Now El Salvador is doubling down on its move toward Bitcoin, but given the cryptocurrency market collapse of 2021, can the small Latin American nation convince investors to buy their bonds? CGTN’s Alasdair Baverstock has more on the story.