After Facing Bitcoin Badwind, El Salvador is Up with a New Token-SCI



El Salvador

El Salvador’s government teamed up with a Canadian company called Astro Babies to launch a new coin

It’s been nine months since El Salvador’s government officially adopted bitcoin (BTC) as legal tender but now they are preparing themselves to adopt a new token. Per ElSalvador.com, the website of the newspaper El Diario de Hoy, the state is unperturbed by the current “difficult scenario for digital assets,” and has teamed up with a Canadian company called Astro Babies to launch a new coin called the Salvadoran Crypto Initiative (SCI).

Astro Babies has thus far focused mainly on the trading of non-fungible tokens (NFTs). The report added that Astro Babies had launched a virtual, crypto-powered casino in El Salvador last week in the country. The co-founders of the said firm, Mark Al Radan and Canadian Wes Karniej were quoted as stating that the token had already been developed, adding that “smart contracts are already done.”

The token’s website is also ready to go live, they added, and talks are now ongoing with several “ministers” who are “involved” in the project. According to Taher, Astro Babies has been in talks with various government organs for several weeks but still needed to obtain approval from the Ministry of Finance for its SCI token launch. Legislative change may also be needed: politicians will need to green-light the creation of a trust that will officially receive the “SCI commission fees.”

Taher stated that there was no way to know how much the government could hope to raise through the initiative, as “it will depend on how many people acquire SCI tokens.” ElSalvador.com also reported that numerous businesses in the nation have taken down “bitcoin accepted here” signs in recent days, with fears accelerating as BTC prices dipped below the USD 20,000 mark over the weekend.

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