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El Salvador would have plans to launch its own stablecoin

The brothers of the President of El Salvador, Nayib Bukele, reportedly presented the plan to foreign investors.

The government of El Salvador would have plans to launch its own cryptocurrency that citizens could use to pay for services, local media reported this weekend.

Ibrajim and Yusef Bukele, the brothers of the country’s president , Nayib Bukele , contacted potential investors a few months ago to introduce them to the new stablecoin , which is referred to as the “Colon dollar,” and which could be ready for use. Launch in late 2021.

The president’s brothers affirmed then, before the Bitcoin Law, that the initiative came from the Executive office and had their approval. Despite a government spokesperson reporting that the plan for a national cryptocurrency was scrapped, local newspaper El Faro claimed that the stablecoin plans were already underway.

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As it became known, Ibrajim and Yusef Bukele had met with representatives of Cardano, WhizGrid and Algorand to present the plans for the “Colon dollar”.

The news comes just a couple of weeks after the government of the Central American country overwhelmingly approved the bitcoin law presented by President Bukele himself, which gives Bitcoin the status of legal tender in the country and is supposed to require that all businesses accept it as payment for goods and services for September.

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