El Salvador may launch its own stablecoin in 2021

El Salvador’s government intends to establish a native cryptocurrency that the public will be able to use to pay for services, according to San Salvador-based media outlet El Faro on Friday night.

Ibrajim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, informed prospective investors that the cryptocurrency, now known as the ‘Colón-Dollar,’ might be released by the end of 2021.

As mentioned in the article, which also included video recordings of the brothers discussing the plan with these investors, the brothers stated that they represented the president.

El Faro has over two hours of footage from virtual meetings alongside documents registering Ibrajim and Yusef, negotiating on behalf of the Salvadoran government.

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