As early as September 7, BTC will become legal tender in El Salvador, Central America, as the first country in the world. However, the local government, led by President Naiyb Bukele, also seems to have been captivated by the potential dormant in other blockchain.
According to information from the Coindesk portal, the Salvadoran government signed an agreement this week with the Latin American asset tokenization company Koibanx, which will arrange for it to host a certain type of government documents on the cryptocurrency blockchain. Algorand (ALGO).
The function for digital storage of official documents on Algorand should be completed this year. This was confirmed by Leo Elduayen, CEO and co-founder of Koibanx. “We want business transactions and any other business acts to be secure, transparent, agile and automated.” stated for Coindesk.
His company approached the El Salvador government shortly after President Naiyb Bukele confirmed that they would make BTC legal tender. “We assumed that a government that is willing to take this type of action may also be open to using blockchain technology for other aspects.” he added.
Chief Koibanx also did not rule out that the Salvadoran national stablecoin could be created on Algorand in the future. However, concrete plans in this matter are not yet on the table.