Salvadoran Bitcoin Office denies government support for launching Sivar stablecoin application

The Bitcoin office in El Salvador denies government support for the launch of the Sivar application and claims that the related reports are fake news. Sivar was launched by Modveon and uses Coinbase infrastructure to process remittances between the United States and El Salvador. The transfers are settled in stablecoins on the Base, with a fixed fee of $2, and can be withdrawn from over 1000 locations in El Salvador. Prior to its launch, more than 25000 Salvadorans had registered. (Source: Bloomberg)