{"id":9758,"date":"2021-07-18T11:55:05","date_gmt":"2021-07-18T11:55:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/report-claims-nayib-bukeles-regime-may-issue-a-salvadoran-stablecoin\/"},"modified":"2021-07-18T11:55:05","modified_gmt":"2021-07-18T11:55:05","slug":"report-claims-nayib-bukeles-regime-may-issue-a-salvadoran-stablecoin","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/report-claims-nayib-bukeles-regime-may-issue-a-salvadoran-stablecoin\/","title":{"rendered":"Report Claims Nayib Bukele\u2019s Regime May Issue a Salvadoran Stablecoin"},"content":{"rendered":"

According to regional reports, El Salvador\u2019s current leadership is in the midst of developing a stablecoin backed by the U.S. dollar. Meanwhile, others believe the stablecoin idea was scrapped now that Nayib Bukele\u2019s government chose to leverage bitcoin. <\/strong><\/p>\n

Some Say the Col\u00f3n-Dollar Is Being Developed, Others Claim the Salvadoran Stablecoin Idea Was Scrapped<\/h2>\n

There\u2019s lots of debate going on concerning a report<\/a> published by the regional news outlet El Faro. The investigation claims the Salvadoran president Nayib Bukele and his regime plans to issue a stablecoin. The El Faro report references videos that show the president\u2019s brothers discussing the stablecoin dubbed \u201cCol\u00f3n-Dollar.\u201d<\/p>\n

The report from El Faro does note a spokesperson from the Bukele regime says the stablecoin plans were scrapped, but \u201csources familiar\u201d with the matter told El Faro they disagree. This is because it has been said that meetings about the Col\u00f3n-Dollar are still continuing and happened after Nayib Bukele passed<\/a> the new bitcoin tender law.<\/p>\n

\u201cEl Faro has a copy of several videos that add up to more than two hours of virtual meetings, in which different negotiations appear with delegates from at least five technology companies and where the Bukele brothers are protagonists,\u201d the reporters Sergio Arauz , Nelson Rauda and Roman Gressier wrote.<\/p>\n

\u201cEl Faro also obtained documents in which the action plan proposed by foreign companies to leverage the implementation of a new financial system and the new currency is registered,\u201d the report adds.<\/p>\n

#efNEWSLETTER<\/a>? The Bukele administration has been planning to launch a national stablecoin cryptocurrency, which it was calling \u201cCol\u00f3n-Dollar,\u201d by the end of this year. https:\/\/t.co\/Gy54hmHXEI<\/a><\/p>\n

\u2014 El Faro (@_elfaro_) July 17, 2021<\/a><\/p>\n<\/p>\n

In a discussion on Twitter, the owner of the Twitter account tied to the bustling Bitcoin Beach community<\/a> at Playa El Zonte believes the stablecoin idea was scrapped. The statement was in response to an individual from El Salvador that said<\/a> the stablecoin idea reminded them of the petro from Venezuela.<\/p>\n

\u201cFrom my understanding, they were considering going this route (which would have been very concerning) but chose to embrace Bitcoin instead,\u201d the Twitter account @bitcoinbeach tweeted<\/a>. \u201cFrom what I am hearing this is no longer a consideration. They gave up control to instead embrace an open protocol,\u201d the account added.<\/p>\n

However, another individual disagreed<\/a> with the Bitcoin Beach account and believes otherwise. The person said that \u201cseveral\u201d of his \u201cSalvadoran correspondents\u201d corroborated the El Faro article, but he could not \u201cvouch for their accuracy.\u201d<\/p>\n

<\/p>\n

Col\u00f3n-Dollar Could be Integrated With Chivo, Alleged Meetings With Blockchain Teams<\/h2>\n

The El Faro source notes that the stablecoin called the Col\u00f3n-Dollar may be introduced by the end of the year. Financial reporter Frances Coppola<\/a> believes she predicted<\/a> the creation of a Salvadoran stablecoin in a tweet<\/a> she wrote on June 9, 2021.<\/p>\n

\u201cI reckon that\u2019s what he will do. It won\u2019t be backed with actual USD, it will be backed with a \u2018USD-equivalent\u201d stablecoin,\u2019\u201d Coppola said at the time.<\/p>\n

In addition to people disliking the idea that Nayib Bukele\u2019s regime may be creating a stablecoin, bitcoiners, as well as citizens from El Salvador,<\/a> have taken issue with Bukele\u2019s recent vaccine mandates<\/a>.<\/p>\n

A great number of Salvadorans said they were displeased<\/a> with Bukele\u2019s vaccine mandates and said<\/a> the Salvadoran \u201cpopulation does not want\u201d these Covid-19 vaccines. One individual tweeted to Bukele and said<\/a>: \u201cThe Bitcoin community does not support you in this.\u201d<\/p>\n

Furthermore, the regional source that claims the stablecoin creation is still a go noted that Bukele\u2019s brothers were in charge of the concept, and that the Col\u00f3n-Dollar would be integrated with the government wallet dubbed \u201cChivo.\u201d<\/p>\n

In addition to the video meetings, the sources also detailed that members of Bukele\u2019s regime met with blockchain teams from Whizgrid, Alogrand, and Cardano.<\/p>\n

What do you think about El Salvador reportedly building a stablecoin backed by the U.S. dollar? Do you think the concept was scrapped after the country adopted bitcoin? Let us know what you think about this subject in the comments below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, @bitcoinbeach, Alogrand, Bitcoin Beach, Bitcoin Law, Cardano, Chivo, El Faro, El Faro report, El Salvador, Frances Coppola, Nayib Bukele, Nayib Bukele’s brothers, Nayib Bukele’s regime, Salvadoran President, Salvadoran Stablecoin, Stablecoin, Stablecoins, vaccine mandates, Whizgrid<\/p>\n","protected":false},"excerpt":{"rendered":"

According to regional reports, El Salvador\u2019s current leadership is in the midst of developing a stablecoin backed by the U.S. dollar. Meanwhile, others believe the stablecoin idea was scrapped now that Nayib Bukele\u2019s government chose to leverage bitcoin. Some Say the Col\u00f3n-Dollar Is Being Developed, Others Claim the Salvadoran Stablecoin Idea Was Scrapped There\u2019s lots…<\/p>\n","protected":false},"author":0,"featured_media":9759,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9758"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9758"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9759"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}