An idea pitched by the El Salvador President Nayib Bukele’s brothers encouraged the foreign investors to invest in El Salvador. The government is planning to launch its first-ever cryptocurrency and users will be able to use this currency for the service they get. The news was a reporter by El Faro, a Latin American digital newspaper. Ibrahim and Yusef Bukele, during a meeting, briefed foreign investors that the cryptocurrency, also known as the Colon dollar, will be introduced to customers by the end of 20201. The report used the videos of the President’s brothers as the reference for their story. The report further claimed that President’s brother spoke on the behalf of the president.
The news arrives just after the weeks after the country’s parliament passed the President’s law about bitcoin with an overwhelming majority. It is worth mention that El Salvador has already approved cryptocurrency as a legal tender. Officials have already told that country will accept cryptocurrency as a method of payment. For all sorts of financial and economic activities, digital currencies are legal.
But federal representative did not agree to the story and said that plan is in progress. That’s why no such offer or proposal has been presented to investors. El Salvador’s President on the other hinted on many occasions that the country will legalize all types of cryptocurrencies. The government is very positive and legislating to grant all the cryptocurrencies legal tender to operate in El Salvador.
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Before welcoming crypto exchanges government need to prepare the framework for the operations. El Salvador is the world’s only country that has accepted cryptocurrency as legal tender in the country. Although JP Morgan and World Bank have shown their concerns about President’s bitcoin bill will work. But people have stood by their President’s decision. Mr. Bukele is very popular in El Salvador. El Salvador is a poor country; people do believe that allowing crypto traders to invest will create more employment opportunities for the people of El Salvador.
El Salvador’s plan regarding the launch of the native cryptocurrency is troublesome for many. The report published by El Paro also revealed that the government is looking to launch a US dollar-powered stable coin. The currency will be measured by the US dollar and backed by the country’s reserves of the US dollar. The central bank of El Salvador will issue the currency nationwide. However, the government representative does believe that the plan can be delayed further forward. Even though financial regulatory authorities have expressed their concerns on the issue. But this is pleasing news for the crypto community. Crypto is the future of a country’s economic progress, especially after the corona pandemic.