Recent reports from El Salvador suggest that the country is looking to launch a stable coin called the Colon Dollar. It is worth noting that the authorities of this country have not yet denied or confirmed this news.
to the the report According to a report published by the digital newspaper El Faro on Friday night, the El Salvador government intends to launch a local digital currency that consumers can use to receive services. El Faro is published in Latin America.
According to El Faro newspaper, El Salvador’s brothers Ibrahim and Youssef Abu Quilla have told potential investors that the digital currency, now known as the Colon Dollar, will be introduced by the end of 2021. . The report cites videos of the president’s brothers talking to investors about the proposal.
According to the report and documents obtained by El Faro, the men said they represented the president. The news comes weeks after the Latin American government firmly approved the bitcoin law proposed by the president. The law treats the digital currency as legal tender and requires all businesses to accept it in exchange for goods and services by September.
An El Salvador government spokesman told El Faro that the plan had been scrapped, but the newspaper quoted unnamed sources as saying it was under way.
According to the report, the president’s representatives have met with representatives of Cardano, Algrand and WhizGrid at various times.