Legislative Assembly of El Salvador approves $150M Bitcoin Trust
El Salvador's government has set aside $23.3 million toward rolling out crypto ATMs and $30 million to incentivize use of the state-backed "Chivo" wallet. El Salvador’s Legislative Assembly has passed legislation creating a $150 million dollar Bitcoin Trust and supporting the development of crypto infrastructure and services across the country. The bill passed on Aug. 31, with 64 officials voting in favor and 14 opposing the trust’s creation. The Trust is designed to facilitate conversion of Bitcoin into U.S. Dollars, and support the roll out of vital technological infrastructure enabling....
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For El Salvador’s Bitcoin Law to function as planned, a Bitcoin trust fund is crucial. The country’s government will handle the exchange between dollars and bitcoins. They’ll assume the volatility and guarantee prices. And now, less than a week before the law goes into effect, the Finance Commission of the Legislative Assembly confirmed the creation […]
The Finance Commission of the Legislative Assembly of El Salvador agreed Monday to create a $150 million Bitcoin trust to facilitate exchange between Bitcoin and U.S. dollars in El Salvador.
The Legislative Assembly of El Salvador has issued legislation on the approval of a $150 million Bitcoin Trust. In addition, they passed legislation supporting crypto services and infrastructure development across the entire country. They passed the bill on August 31, and 64 officials voted in support, while 14 opposed the creation of the Bitcoin Trust. The Trust aims to enhance BTC to U.S. Dollars conversion and support the essential technological infrastructure. This will enable the widespread adoption of digital assets. Related Reading | Former DigitalX Executive Appointed As The....
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