El Salvador was considering allowing its citizens to use a dollar-backed stablecoin, in addition to Bitcoin (BTC). The president’s brothers have reportedly met with teams from Cardano (ADA) and Algorand (ALGO).
According to Crypto-Auditor and the El Faro newspaper reported that El Salvador is considering launching a national stablecoin. The cryptocurrency would be issued by the central bank and backed by real dollar reserves.
Videos of private meetings obtained by El Faro show that the Salvadoran president’s brothers, who are not in government but frequently advise the president, plan to launch a national dollar stablecoin by next year.
The stablecoin would be baptized the “Colon-Dollar”, in reference to the old national currency of the country which was replaced by the dollar in 2001. Ibrajim and Yusef Bukele would have met representatives of Cardano (ADA) and Algorand (ALGO) these last months.
A spokesperson for the El Salvador government has not confirmed El Faro’s revelations that, but the newspaper, citing an anonymous source, said the stablecoin project is on track.