El Salvador is looking to launch StableCoin

El Salvador is looking to launch StableCoin: New reports from El Salvador says that the government of this country is looking for present a StableCoin named Colon Dollar. However, these news has not yet been rejected or confirmed by El Salvadorian officials.

According to Coindesk and a quote from Digital El faro that was published Friday night, El Salvador government has the intention of setting up a local digital currency so the users be able to receive its services. This newspaper is based on Latin American language.

According to El Faro newspaper report, Ibrahim and Yosef Bukele; El Salvador’s presidents, have told the potentially investors that this digital currency that is called Colon Dollar for now is going to be introduced until the end of 2021. This report refers to a video that these two presidents are talking to investors about this topic.

According to the published reports by El Faro, this people said that they are president’s representatives. The news that has come these weeks after the Latin American government firmly approved the bitcoin law proposed by the president. The law treats 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 newspaper that the plan had been scrapped, but quoted unnamed sources as saying that this law is going to be executed.

According to the report, representatives of the President have met with representatives of Cardano, Algrand and WhizGrid at various times.

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