"We believe that between March 15 and 20 is the right timing, we have the tools almost finished. But the international context will tell us ... I didn't expect the war in Ukraine," he told a local TV channel, according to Reuters.

President Nayib Bukele aims to issue his country's first-ever $1 billion bitcoin-backed bond this month and use the proceeds to buy more cryptocurrencies and build "Bitcoin City" - a planned metropolis that would use geothermal energy from a nearby volcano to "mine" the digital coins.

As Reuters notes, the bitcoin-backed bond has faced headwinds amid intensifying volatility in crypto - as Russia's invasion of Ukraine threw a wrench in the gears.

"We're still finishing some details, almost everything is ready, the thing is there is also a timing issue," said Zelaya.