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Report suggests El Salvador is planning to issue a stablecoin

El Salvador recently became the first country to adopt bitcoin as legal tender in financial transactions, and is now planning to issue a stablecoin.

The president, who calls himself “the best president in the world”, took the first step in equipping his citizens with a digital means of payment for goods and services.

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The world awaits the launch of their plans by September. Furthermore, the Bitcoin Legalization Law has already been signed.

While the wait for the execution continues, the President’s brothers make a big plan for the country. From the latest news from the country, it appears that the president’s brothers are planning the development of a stablecoin as they are already offering the idea to investors.

This news comes from the report of El Faro, a digital newspaper in Latin America. The information is that consumers in El Salvador will be using stablecoins for services.

Comments from Bukele Brothers

According to what the President brothers told investors, crypto, which they call “colon dollars”, will become a reality before 2021 ends.

Ibrahim and Yusuf Bukele made the offer to investors, and the report in the digital newspaper also pointed to a video recording of it.

In the proposal discussion, the brothers told potential investors that they were representing the interests of the President of El Salvador.

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The Latin American newspaper had obtained documents about the proposal, and it was here that they got the details of the discussion.

Earlier now, the Central American government approved the bitcoin law, initiated by the President of El-Salvador.

The law focuses on making bitcoin legal tender in the country and thus mandates businesses operating in the state to accept it.

Report suggests El Salvador is planning to issue a stablecoin

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 and services in September 2021. Plus, residents can pay taxes and other bills using bitcoin.

Will El Salvador issue a stablecoin?

Regarding plans to create a stablecoin in El Salvador, a government spokesperson revealed that it is no longer in vogue. But another source, who wished to remain anonymous, said the plan was still on track.

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Also, the digital newspaper revealed that Algorand, the brother of the President of El Salvador, has been meeting with some representatives of Cardano and WhizGrid.

These meetings have always happened on different occasions. All this indicates that the brothers are very interested in a stablecoin for El Salvador.

While we cannot say with confidence that the plan is still underway, the launch of bitcoin as legal tender is still in the works.

Furthermore, judging by the numerous meetings between the brothers and various blockchain representatives, there may still be some upcoming developments in the pipeline.

Featured image from CoinDesk, chart from TradingView.com

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