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El Salvador has Plans to Issue Its Own Stablecoins.

El Salvador has Plans to Issue Its Own Stablecoins

El Salvador’s government is planning to establish a national cryptocurrency. Therefore, for people to use to pay for services, according to El Faro, a Latin American digital daily.

Colon Dollar

According to the claim, Ibrajim and Yusef Bukele, brothers of the country’s president, Nayib Bukele, assured prospective investors that the cryptocurrency, currently known as the Colon dollar, will be introduced end of 2021.

President’s Brothers

According to the story, based on papers obtained by El Faro, the brothers stated that they represented the president. The announcement comes just weeks after the government of the Central American nation unanimously passed the president’s bitcoin bill. As a result, making the original cryptocurrency legal cash. Therefore, forcing all firms to accept it as means of payment by September.

The Proposal ‘discarded’

According to an El Faro representative, they “discarded” the proposal, but the newspaper said that the plans are still on track, citing an anonymous source.

According to the paper, Cardano, WhizGrid, and Algorand met with the president’s brothers on multiple occasions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.