El Salvador Planning To Issue Its Own Stablecoin, As Per Report

The government of El Salvador is planning to launch a native digital asset that users will be able to use for services, according to a recent report published by Latin American digital newspaper El Faro.

The brothers of El Salvador’s president, Ibrajim and Yusef Bukele, told prospective investors that the virtual asset, which is presently referenced as the Colon dollar, would be introduced by the culmination of this year, as per the report, which quoted video recordings of the brothers conversing about the proposal with these investors.

The brothers mentioned that they represented the president, as per the report. Notably, the report is based on documents that El Faro had obtained. The news comes weeks after the Central American nation’s government overwhelmingly agreed to the president’s bitcoin law, which will treat the original virtual asset as legal tender and need all businesses to accept it as payment for goods and services by the month of September.

A spokesperson for the country’s government told El Faro that the plan was rejected. Nevertheless, the newspaper, citing an anonymous source, mentioned the plans are presently on track.

Notably, the president’s brothers purportedly had a meeting with representatives from Algorand, Cardano, and WhizGrid and at different times, as per the paper.