El Salvador Plans to Launch Its Cryptocurrency

El Salvador Plans to Launch Its Cryptocurrency
  • El Salvador plans to launch its Cryptocurrency.
  • The Cryptocurrency at present it, referenced as the Colon dollar.
  • Colon-Dollar will produced by the Central Reserve Bank.

On Friday, Latin American digital newspaper El Faro reported, El Salvador authorities plan to launch their cryptocurrency, so that customers will be able to use it for services.

More so, the country’s president Nayib Bukele brothers Ibrajim and Yusef Bukele, stated to prospective investors the cryptocurrency, at present, referenced as the Colon dollar, would be launched at the end of this year. This was according to the report which contains the video recordings of the brothers discussing this with the investors.

Furthermore, Jack Mallers, Strike’s CEO stated during the virtual meeting that his company’s cryptocurrency wallet platform has over 100,000 users. Also, Ibrajim responded that the government will create financial incentives for customers to trade using cryptocurrency. He stated, “Our plan for rapid adoption is to give out $50 to everyone who signs up. That way, everyone will sign up automatically to the payment app”.

Henceforth, the Salvadoran government’s stablecoin, Colon-Dollar, will produced by the Central Reserve Bank, backed by a reserve of US dollars, also connected with the government wallet, Chivo.

However, the announcement comes only a week after the Central American nation’s government without exception passed the president’s Bitcoin law. Making the original cryptocurrency a valid tender and requiring all companies to accept it as payment for products and services. Ibrajim and Yusef Bukele reportedly met with their representatives from Cardano, WhizGrid, and Algorand at different times.

In addition, the El Salvador authority’s spokeswoman informed the Latin American news outlet that the proposal had discarded. Even more, the report, mentioning an anonymous source, noted the preparation, still on track.

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