El Salvador's Democratic Assembly Approves $150 Million Bitcoin Trust
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 deputies of 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, according to the national newspaper El Diario de Hoy. The El Salvadoran Minister of Economy, María Luisa Hayém Brevé, reportedly said that there is a possibility of increasing the initial $150....
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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....
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 […]
After El Salvador’s move to give Bitcoin a legal tender, the National Assembly of the Central American country, Panama, passed a bill on Thursday to enact regulations for the commercialization and use of cryptocurrency in the republic. If the President of the National Assembly, Laurentino Cortizo, approves the bill, private and public companies would be […]
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....
The ruling party is planning to attempt a postponement of the crypto tax laws but the Finance Minister is not for turning. South Korea’s Minister of Strategy and Finance, Hong Nam-Ki has vowed that the controversial crypto tax code will come into effect on January 1st, 2022 despite moves this week by the majority Democratic Party to postpone it to 2023.The tax code will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million KRW, or about $2100 USD.International media this week reported that the Democratic Party, which holds a slim majority in South Korea’s....