El Salvador May Issue Its Own Stable coin

On Friday night, it was reported by the Latin American digital newspaper El faro that the brothers of El Salvador’s President Nayib Bukele has presented plans to launch a digital currency that people can use, including foreign investors.

Ibrajim and Yusef Bukele, brothers of El Salvador’s President Nayib Bukele, told prospective investors cryptocurrency which is now known as the Colon Dollar to be launched by the end of 2021.

It also said they represent the president according to the report, based on documents obtained by El Faro. The news comes weeks after the Central American government overwhelmingly approved the president’s bitcoin law. This will treat traditional cryptocurrencies as legitimate money and requires all businesses to accept it as a payment for goods and services by September.

But El Salvador’s government spokesman told Latin American digital newspaper El faro that the plan was “cancelled”, but the newspaper citing unnamed sources said the plan was in the works.

The report also said the president’s brothers met with representatives from Cardano, WhizGrid and Algorand at different times.

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