El Salvador is working on a government-backed app called Sivar, according to Odaily. The project is being developed with Modveon and comes five years after Bitcoin became legal tender in the country. The app is designed to let residents send, receive, and hold dollar-pegged stablecoins over Base, the blockchain network developed by Coinbase. It will also support remittances, a key payment use case in the country. Odaily said user verification on Sivar will be handled through government ID checks. The report did not disclose a launch date or additional product details.
El Salvador is developing a government-backed app called Sivar in partnership with Modveon, according to Odaily. The report said the move comes five years after Bitcoin became legal tender in the country.
Sivar will let users send, receive, and hold dollar-pegged stablecoins through Base, Coinbase’s blockchain network. The app will also support remittances and verify users through government ID checks.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
