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El Salvador might be in the process of launching their own stablecoin in 2021, according to local press oultets.

El Salvador's government is planning to launch a national cryptocurrency that customers will be able to use to pay for services, according to El Faro, a Latin American digital newspaper.

The brothers of the country's president, Nayib Bukele, are Ibrajim and Yusef Bukele, told prospective investors that the cryptocurrency which is currently referenced as the Colon dollar, would be introduced by the end of 2021, the report claims thatwhich cited video recordings of the brothers discussing the proposition with these investors.

The report claims, the brothers claimed to be representing the president, which was based on documents obtained by El Faro. The announcement comes just weeks after the government of the Central American country decisively adopted the president's bitcoin law, which would make the original cryptocurrency legal tender and oblige all businesses must accept it as payment for goods and services, by September.

The idea was "discarded," according to an El Faro spokeswoman, but the publication said that the plans are still on track, citing an unidentified source.
 
Representatives from Cardano, WhizGrid, and Algorand reportedly met with the president's brothers at different times, according to the paper.

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