El Salvador’s Congress passed a law to approve a $150 million fund to open the door for conversions from bitcoin to U.S. dollars ahead of the planned adoption of Bitcoin.
- A majority of 64 votes in support against 14 votes helped Congress to approve the fund as El Salvador uses the U.S. the dollar-paved way to officially adopt bitcoin on September 7.
- The Central American country will become the first nation in the world to use cryptocurrency as legal tender.
- Money for the new fund will be channeled from the finance ministry’s current budget and managed by the state development of El Salvador(Salvador (BANDESAL).
- A congressional document reported that the law aims at financially supporting the alternatives that the state provides, without prejudice to private firms, which allow users to automatically convert bitcoin to the US dollar.
Nearly 200 ATMs and 50 consulting centers from the government digit wallet app “Chivo” are being installed in various parts of the country where users can deposit and withdraw money without payment of commissions.
BTC USD up +1.55%