El Salvador plans to Issue Its Own Stablecoin

El Salvador plans to Issue Its Own Stablecoin
Salvadoran President Nayib Bukele(APHOTOGRAFIA/Getty Images)

El Salvador plans to Issue Its Own Stablecoin – The El Salvador government has plans to launch a native cryptocurrency that consumers will be able to use for services, Latin American digital newspaper El Faro reported Friday night.

Ibrajim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, told prospective investors that the cryptocurrency, which is currently referenced as the Colon dollar, would be introduced by the end of 2021, according to the report, which cited video recordings of the brothers discussing the proposal with these investors.

The brothers said that they represented the president, according to the report, which was also based on documents that El Faro had obtained. The news comes weeks after the Central American country’s government overwhelmingly approved the president’s bitcoin law, which will treat the original cryptocurrency as legal tender and require all businesses to accept it as payment for goods and services by September.

A spokesperson for the El Salvador government told El Faro that the plan was “discarded” but the newspaper, citing an unidentified source, said the plans are currently on track.

The president’s brothers reportedly met with representatives from Cardano, WhizGrid and Algorand at different times, according to the paper.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

Be the first to comment

Leave a Reply

Your email address will not be published.


*