El Salvador Shifts to Stablecoins as Bitcoin Payments Wane

Five years ago, the government of El Salvador made bitcoin legal tender in the country. Now, the country’s government is shifting to another form of cryptocurrency in its effort to transform money movement, Bloomberg News reported Tuesday (Sept. According to the report, Nayib Bukele’s administration is working with software startup Modveon to develop a government-backed platform called Sivar that will permit Salvadorans to send and hold stablecoins, including for remittances, using Coinbase