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    Wednesday, September 1, 2021

    El Salvador Congress Backs $150 million Fund for Bitcoin Ahead of Adoption

    El Salvador’s Congress has approved a law to create a $ 150 million fund to facilitate conversions from Bitcoin to US dollars ahead of the planned adoption of cryptocurrency as legal tender next week.

    With 64 votes for and 14 votes against, Congress approved the fund as El Salvador, which already uses the US dollar, prepares to officially adopt Bitcoin on September 7.

    The Central American country will be the first in the world to use cryptocurrency as legal tender.

    Money for the new fund will be redirected from the current finance ministry budget and administered by the State Development Bank of El Salvador (BANDESAL), lawmakers said.

    “The purpose of this law is to financially support the alternatives that the state offers, without prejudice to private initiatives, which allow the user to perform automatic and instant convertibility of Bitcoin into US dollars,” indicates a document from Congress .

    At least 200 ATMs and 50 advice centers of the government digital wallet app “Chivo” are being installed in different parts of the country where users can deposit and withdraw money without paying commissions, according to the Salvadoran President Nayib Bukele, who announced the initiative in June. © Reuters

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