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The Government of Nayib Bukele plans to create a national cryptocurrency currently referenced as the Colon dollar. According to El Faro newspaper, which cites videos of private meetings between cryptocurrency investors, officials, and two of the president’s brothers, the currency would be tied to the value of a fiat currency like the dollar.
The development, which is targeted soon, would restore an essential element of monetary policy that the country lost when it adopted the U.S. Dollar in 2001: issuing national currency. The government also intends to include blockchain technology to digitize many public and private documents, including personal ID cards and property deeds.
Press secretary Ernesto Sanabria told El Faro that the government isn’t considering any economic changes beyond the Bitcoin Law approved on June 8 before publication.
Ibrahim and Yusef Bukele, the brothers of the country’s president, told prospective investors that the cryptocurrency would be introduced by the end of 2021, according to the report, which cited recordings of the brothers talking about the proposal with these investors. Over 50 people have been involved in the negotiations, including senior officials from the Secretariat of Innovation from the President’s Office, external advisors, and private contractors.
According to the report, the brothers said they represented the president, which was also based on El Faro’s documents.
The news comes days after the Central American country’s government approved the president’s bitcoin law, which will treat the original cryptocurrency as legal tender and require all businesses to accept it as a trade tool by September.
El Salvador voted for bitcoin to be included in the country’s financial infrastructure. As a result, the country’s parliament passed Bukele’s proposed legislation in early June to adopt Bitcoin as legal tender.
President Nayib Bukele, who describes himself on Twitter as the most extraordinary president globally, announced his cool crypto-vision at a Bitcoin extravaganza in Miami.
According to slides presented during these meetings, the administration is looking to create a superintendency called the El Salvador Blockchain Committee (ESBCC), which El Faro reviewed. The superintendency should oversee this emerging financial system in El Salvador.
These documents on the ESBCC have the institutional logos of the Secretariat of Innovation, the Financial System Superintendency, the Central Reserve Bank, and the National Registry of Persons.
Currently, no one knows whether the government is planning to replace the U.S. dollar with the Colon-Dollar. Still, it hopes to have the national cryptocurrency in circulation and changing hands soon.