EL SALVADOR has been in the world’s attention for some time now and the reason for this is to declare bitcoin as a legal tender in its country. EL SALVADOR declared the US dollar as the currency of his country in the year 2001 and in the same year in the parliament there. With an overwhelming majority, bitcoin has been declared a legal tender in the country. EL SALVADOR President Yusef Bukele and his government soon understood that it was not possible to conduct transactions across the country with bitcoin and that is why now EL Salvador is working on bringing its country’s blockchain-based stable coin, which will be named Colón-Dollar. Work has started for this stable coin and for this the government is working on creating its own wallet.
If this country becomes a legal tender for the dollar as well as bitcoin and its stable coin Colón-Dollar, then this country will have three local currencies. It will not be possible for a country to run with such currency and whose supply is limited. A country will have to be technically very strong to be ready for 100% transactions from any digital platform but still 100% eliminate paper currency. Doing this can be a huge task for any country. The government of El Salvador is going to use blockchain on a very large scale and this country is working towards bringing almost all of its documents on the blockchain. The government estimates That by the end of 2022, all government documents in their country will be on the blockchain, such as – driving license, vehicle papers, birth certificates, vaccination information, education related papers, health related papers, land and property documents, all government documents Documents and many more documents related to essential services will be on the blockchain.
The government of El Salvador is currently working very seriously on digital transactions and blockchain. It is reported that the team of Cardano is trying to do everything possible to help El Salvador for this work. One of the country’s The media agency has published the news that on May 27, Yusef and Ibrajim Bukele met Jack Mallers, who operates a company that makes crypto wallets and is now making wallets for the government of Salvador, on which stable coins Transactions can be done from
Stable coin can be called crypto currency because cryptography is used to create it and transactions are secure on the blockchain. The amount of stable coin can be increased or decreased, in a way it is a digital form of paper currency.
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