El Salvador may issue its own stablecoin called "Colón-Dollar"

El Salvador government has plans to launch a native cryptocurrency that could be used as a form of payment and services.

El Salvador may issue its own stablecoin called "Colón-Dollar"

 According to the Latin American digital newspaper El Faro, The Bukele administration has been planning to launch a national cryptocurrency in form of stablecoin, which it preliminarily called “Colón-Dollar.”

Brothers of president Nayib Bukele, Ibrajim and Yusef Bukele told prospective investors that the cryptocurrency would be introduced by the end of 2021.

Bukele brothers said that they represented the president, according to the report, which was also based on documents that El Faro had obtained. 

The news comes weeks after the country’s government overwhelmingly approved the president’s bitcoin bill, which will treat the original cryptocurrency as legal tender and require all businesses to accept it as payment for goods and services by September.

The president’s brothers reportedly met with representatives from Cardano, WhizGrid, and Algorand at different times.

Read: Cardano getting closer to launch smart contract feature with new testnet