El Salvador Plans To Launch Native Cryptocurrency That Buyers Can Use For Services.
2021-07-17 | Big Bob
The
El Salvador government has plans to launch a native cryptocurrency
that buyers will be able to use for services,
Latin American digital newspaper El Faro
reported earlier on Friday.
Ibrajim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, outlined prospective investors that the
cryptocurrency, that is presently referenced
as the Colon dollar, would be introduced by
the end of this year,
consistent with the report, that cited video recordings of the brothers discussing the proposal with these investors.
The brothers added that they represented the president,
consistent with the report, which was also
supporting 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 can treat
the primary cryptocurrency as
a legal tender and also require all businesses
to accept it as payment for goods and services by September.
A spokesperson for the
El Salvador government added El Faro that the plan was “discarded” but the newspaper, citing an anonymous source, revealed that the plans are presently
on target.
The president’s brothers reportedly met with representatives from Cardano, WhizGrid, and Algorand at different times,
consistent with the official paper.
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