EL Salvador May Launch His Own Stable Coin : Media Reports
Reports say, El Salvador’s government will launch a native cryptocurrency that will help their citizens to make payments for their daily basic needs.
El Salvador is the first country which adopted Bitcoin as legal currency. The main reason to adopt the Bitcoin By El Salvador’s authorities was non-availability of their own native currency. They were dependent on Dollars. So to solve their issue of official native currency they took the support of blockchain technology. Reports claim that they may bring their own stable coin for their citizens.
On Friday, El Faro, local media outlet of El Salvador, reported that the government may bring their own centralized cryptocurrency so that the citizens of El Salvador can make payments through their own native cryptocurrency. And it is expected that they will make it StableCoin, which is a need of basic payment system rules.
Also Ibrajim and Yusef Bukele ( brother of Nayib Bukele who is President of El Salvador) informed that “Colón-Dollar” based on blockchain will be launched by the end of 2021.
At Elfaro.net all about the discussion between Ibrajim and Yusef Bukele with investors shown in a video. These two brothers stated that they represented it to the president of El Salvador.
The two hour virtual meeting video on Elfaro, indicates that it is almost 99.99% sure that El Salvador will launch their own native cryptocurrency soon . But still here we have to wait for the official announcement.
Experts shared their point of view on this matter of native cryptocurrency of El Salvador, El Salvador government is ready to get into the world of full freedom. At one side they are trying to avoid the Dollar & at another side blockchain technology will help to create them to create own native currency. Experts also believe that the value of their Colón-Dollar will get better stability by taking the reference of some institutions where we have seen how they are going to swap their local currency into digital currency.
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