Crypto

Confusion over the creation of a stablecoin in El Salvador

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Salvadoran economist attacked the president Naib bukele and his younger twin brothers, after rumors spread that the Bukele family were secretly planning to launch a stablecoin and crypto wallet.

According to the ElSalvador.com website of the daily El Diario de Hoy, economist Tatiana Marrokin, who openly opposed President Bukele and the law that would make Bitcoin (BTC) legal in September, said that “this law would be just a decoration” if a government token came into view that day.

On Friday, El Faro newspaper, disagreeing with Bucule and his regime, said it had access to video recordings of a conference call between Ibradim and Yousef Bukele talk to potential investors about projects such as WhizGrid, Cardano (ADA) and Algorand (ALGO) on a government-issued token called a “dollar collon” and a government wallet application. The couple allegedly claimed to represent their brother during these discussions, and the newspaper added that she saw documents supporting the allegations in videos.

El Faro Editor-in-Chief, Daniel Lizarraga, was displaced El Salvador earlier this month following a conflict between the newspaper and the Bukele regime.

El Faro quoted a government spokesman as saying that the stablecoin project was “shelved,” but the newspaper also quoted an anonymous source who said the project was still underway.

Marrokin added that if this project is implemented, it could cause serious disruptions. She said:

“We will face all the economic consequences of a new currency release and de-dollarization, albeit in a less aggressive manner. Ultimately, however, this will be the creation of a monetary policy instrument. This will affect all the economic factors that currently support dollarization. “

On Twitter, Ms Marroquin did Note that there was a “conflict of interest” in this case, arguing that it was clear that “half of the Bukele family were in charge of public funds”.

In June she had fidgeting Bitcoin from Mexico, who advised him to “learn” cryptocurrency “because you don’t understand Bitcoin”:

“You should […] stop recommending that I study my country’s economy when the only thing you probably understand is the word bitcoin. “

El Diario de Hoy also quoted the coordinator Consulting Center for Legal and Anti-Corruption Issues (ON WITH), Wilson Sandoval, who said that stablecoin would be “an undemocratic solution based on nonexistent technical expertise and complete economic ignorance.”

Sandoval added:

“The Salvadorans did not vote for the Bukele brothers to pursue government policy.”

He also argued that a government-run stablecoin could “be disastrous from an economic point of view, since the actors involved represent only personal and business interests” and is not intended “to actually improve the economic situation of Salvadoran households.”

Elsewhere, other media outlets generally hostile to both Bukele and the Bitcoin law continue to broadcast commentary from critics of the new law.

Ruben Zamora, El Salvador’s former ambassador to the United States and the United Nations, wrote in an editorial for La Prensa Gráfica to express his contempt for the government’s recently launched ad campaign praising the virtues of BTC.

Mr. Zamora wrote that attempts to “convince us that Bitcoin is our salvation” are also aimed at denigrating banks.

He added that the “libertarian” references to BTC as a monetary instrument were “illusory” because governments had already “begun to regulate it.”

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