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. 

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.