The El Salvador government has plans to launch a native cryptocurrency that buyers will be able to use for services, Latin American digital newspaper El Faro reported earlier on Friday.
Ibrajim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, outlined prospective investors that the cryptocurrency, that is presently referenced as the Colon dollar, would be introduced by the end of this year, consistent with the report, that cited video recordings of the brothers discussing the proposal with these investors.
The brothers added that they represented the president, consistent with the report, which was also supporting documents that El Faro had obtained. The news comes weeks after the Central American country’s government overwhelmingly approved the president’s bitcoin law, which can treat the primary cryptocurrency as a legal tender and also require all businesses to accept it as payment for goods and services by September.
A spokesperson for the El Salvador government added El Faro that the plan was “discarded” but the newspaper, citing an anonymous source, revealed that the plans are presently on target.
The president’s brothers reportedly met with representatives from Cardano, WhizGrid, and Algorand at different times, consistent with the official paper.