El Salvador Set to Launch a National Cryptocurrency Soon

El Salvador Set to Launch a National Cryptocurrency Soon
  • El Salvador is introducing its own national cryptocurrency. 
  • This crypto will be a stablecoin that will go by the name of ‘Colón-Dollar’. 
  • Eventually, the country aims to recognize all cryptos as legal tenders.

El Salvador has come a long way since its initial announcement at the Miami Bitcoin 2021 conference. Its latest news surrounding cryptocurrency is the fact that the country plans to launch its very own stablecoin this year. 

According to a local digital newspaper in the country — El Faro, El Salvador’s government aims to establish its own native cryptocurrency. This crypto will be a stablecoin that the public will use to pay for services in the country. 

Moreover, the name of this crypto is supposedly called the ‘Colón-Dollar’. This piece of information came from the president of El Salvador’s brothers. In fact, both Ibrajim and Yusef Bukele have shared this news with prospective investors. 

This move to introduce the stablecoin will be restoring a key element to the country. Specifically, it will return the monetary policy of having a national currency. This ability was lost to the citizens when the country chose to adopt the US Dollar back in 2001. 

Thus, with the power of blockchain technology the country is bringing the ability to issue its own national currency. Not to mention, it will also be digitizing a variety of public and private documents. These will include personal ID cards and property deeds. 

Therefore, all important documentation will be secure with blockchain technology. The El Faro article comes with a video, in which, the brothers partake in discussions with over 50 other officials. 

Some of the notable members in the panel include the Secretariat of Innovation from the President’s Office, private contractors, and external advisors. Together they represent the president and the people. 

“This is just the beginning. In the future, we’d like to make all cryptocurrencies legal tender, but for that to happen we need government infrastructure that is up to the task for what’s ahead.”

As proven before, El Salvador wastes no time when it comes to cryptos. As soon as they made Bitcoin a legal tender in the country it moved on. Next, it drew plans to mine Bitcoin with the geothermal power of their volcanoes. Now, they are introducing a national cryptocurrency in the form of a stablecoin. Hence, there will probably be no surprise when the country does move on to making all cryptos a legal tender within its borders. 

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