Report Reveals El Salvador Plans For Issuing A Stablecoin
July 23 2021 - 2:24PM
NEWSBTC
El Salvador recently became the first country to adopt Bitcoin as a
legal tender in financial transactions, and now it plans to issue a
stablecoin. The President, who calls himself “the coolest president
in the world,” took the first step to equip his citizens with a
digital means of paying for goods & services. Related Reading
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The world is waiting for the commencement of his plans by
September. Moreover, the law for bitcoin legalization has already
been signed. While the wait continues for the execution, the
president’s brothers make a bigger plan for the country. From the
latest news on the country, it seems that the president’s brothers
are planning the development of a stablecoin as they’re already
presenting the idea to investors. The news came from the reports of
a digital newspaper in Latin America, El Faro. The information has
it that El Salvador consumers will use stablecoin for services.
Comments From Bukele Brothers According to what the president
brothers revealed to investors, the crypto, which they call the
“Colon dollar,” will become a reality before 2021 ends. Ibrahim
& Yusuf Bukele had pitched the proposal to investors, and the
report from the digital newspaper also pointed to the video
recordings about it. In the proposal discussion, the brothers told
the prospective investors that they’re representing the interests
of the El Salvador President. Related Reading | Nifty’s Inc.
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Latin American newspaper had obtained the documents about the
proposal, and that’s where they got the details of the discussion.
Earlier before now, the Central American government approved the
bitcoin law, which the El-Salvador president initiated. The law
centered on making Bitcoin a legal tender in the country and
thereby mandating businesses operating in the State to accept it.
Bitcoin finally steps out of the bearish zone and follows a bullish
momentum | Source: BTCUSD on TradingView.com With the approval of
this law, residents can use Bitcoin to pay for goods & services
come September 2021. Also, the residents can pay taxes and other
bills using bitcoin. Will El Salvador Issue A Stablecoin?
Concerning the plan to create a stablecoin in El Salvador, the
government spokesperson revealed that it is no longer in play. But
another source who wishes to remain anonymous stated that the plan
is still on track. Related Reading | Binance CEO Changpeng
Zhao States, “Compliance Is A Journey.” Also, the digital newspaper
revealed that the brothers to the El Salvador President have been
meeting some representatives from Algorand, Cardano, and WhizGrid.
These meetings have always occurred on different occasions. All
these indicate that the brothers are very much interested in a
stablecoin for El Salvador. While we can’t say with confidence that
the plan is still in play, the launch of Bitcoin as a legal tender
is still in play. Also, given the several meetings between the
brothers and different blockchain representatives, there might
still be some upcoming developments in the pipeline. Featured image
from CoinDesk, chart from TradingView.com
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