This year alone, El Salvador has made its biggest crypto decisions ever. First, passing a law that recognizes bitcoin as a legal tender and, second, creating a government-issued crypto wallet called Chivo.
After these big initiatives, it has been rumored that the Central American country is planning to create its stablecoin, and the recent reports confirmed that the government is indeed working on a coin of its own.
Not a rumor anymore
This time, not only President Bukele is taking a big crypto step for El Salvador, but also his brothers as well.
According to the Latin digital newspaper El Faro, Bukele’s brothers, Ibrahim and Yusuf Bukele are now pitching the stablecoin idea to investors to gather support for the project.
The brothers also said that the government is capable of rolling out the stablecoin coin, which is called “Colon Dollar,” at the end of the year.
Is it a ‘Yes’ or a ‘No’?
There were actually varying reports about El Salvador’s stablecoin plan. According to the government’s spokesperson, the plan was already scrapped, but sources from the government, who requested to remain anonymous, said that the plan is still ongoing.
And there’s the report of El Faro that the President’s brothers are already in talks with the investors to pitch the stablecoin idea. It is yet to be seen if the government can indeed introduce its own stablecoin at the end of the year which, given the timeline, is actually a bold statement.
But of course, El Salvador has already proven itself in bringing bold plans into fruition, just like its Bitcoin Law, that left many financial experts scratching their heads.
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