El Salvador is expanding into cryptocurrencies

According to El Faro information agency, it was stated last Friday that the government of El Salvador may additionally graph to launch a stable digital foreign money backed via the US dollar.

The foreign money will be issued by the Central Bank of El Salvador, and will be pegged to the price of the US dollar and to a reserve of US dollars.

Videos of private meetings got with the aid of "El Faro" show the brothers of the president of El Salvador, who are not section of the authorities but frequently suggest the president, and sketch to launch a secure foreign money in US greenbacks by using next year.

The steady cryptocurrency will be referred to as the “colon dollar,” in reference to the country’s former country wide foreign money which used to be changed by the US dollar in 2001.

The identical newspaper stated that a government spokesman stated that plans to boost this foreign money have been cancelled.

But the records modified after some of the conferences mentioned through El Faro took location after the president introduced in June that bitcoin would become felony smooth in the small Central American country.

The newspaper said that senior government officials, personal contractors and exterior advisors attended.

The brothers added that they would like all cryptocurrencies to emerge as prison smooth in El Salvador, and the newspaper quoted the president’s brother, Bukele, as saying:

For that to take place we need a government infrastructure that is up to the assignment ahead.

El Salvador has grow to be the first usa in the world to offer felony gentle for Bitcoin after President Najib Bukele announced the plan remaining month at the 2021 Bitcoin Conference in Miami.

But investment banks such as JPMorgan, US officials and even the World Bank have all expressed concerns about how the country's bitcoin regulation will work.

President Bukele is very popular in El Salvador, which is a poor, crime-ridden country.

The Salvadoran president has been criticized for the way he handled party members, his attacks on the press, and when he pushed troops into Parliament to strain lawmakers to agree and skip the Bitcoin Act.