El Salvador’s banking platform Galoy launches Bitcoin-backed synthetic dollar

[El Salvador's banking platform Galoy launches a synthetic dollar backed by Bitcoin] Jinse Finance reported that Galoy, an open-source financial technology that supports El Salvador's Bitcoin wallet, has launched Stablesats. Additionally, it announced that it has successfully raised $4 million in funding to support the continued development of its GaloyMoney Bitcoin banking platform. By utilizing derivatives contracts to produce a synthetic dollar backed by bitcoin and pegged to the dollar, Stablesats seeks to provide an alternative to current stablecoin networks and conventional bank integration.

Other news:

Former Tongan MP: The country’s Bitcoin bill is modeled on El Salvador’s bill: Jinse Finance reported that Lord Fusitu’a, a former MP from the Pacific island nation of Tonga, shared the specific practice of adopting BTC as legal tender. Lord Fusitu’a released the ETA for Bitcoin to become legal tender in Tonga. Fusitu’a said the move could allow more than 100,000 Tongans to join the Bitcoin network, and that the bill “is modeled after El Salvador’s bill, with a timeline for BTC to become legal tender that could happen as early as November or December of this year. (cointelegraph) [2022/1/13 8:47:44]

Fidelity Investment Director: The Importance of El Salvador’s Bitcoin Move Is Exaggerated: On September 9th, Jurrien Timmer, Fidelity Investment Director, said that the importance of El Salvador’s Bitcoin move has been exaggerated, which is not to say that it is switching from the US dollar to Bitcoin as its currency peg. (Cointelegraph) [2021/9/9 23:12:35]

McDonald’s in El Salvador has begun to accept bitcoin payments: Jinse Finance reported that fast food giant McDonald’s has begun to accept bitcoin payments in El Salvador. It is reported that the country has today become the first country to adopt Bitcoin as legal tender. McDonald’s in El Salvador has successfully integrated OpenNode lightning payments into its service, which means that anyone can use the Lightning Network to buy food from McDonald’s in El Salvador by scanning a paper receipt with a QR code with their mobile phone. However, El Salvador’s bitcoin-native Chivo app is temporarily unavailable for download due to a surge in demand. Every Salvadoran already has or will soon have access to the $30 bitcoin offered to them through Chivo. [2021/9/8 23:07:48]