El Salvador Backs $150 Mln Bitcoin Fund Preceding Adoption

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El Salvador’s Congress on Tuesday passed the first law of its kind to establish a $150 million fund to facilitate the conversion of bitcoin into U.S. dollars.

The move comes ahead of El Salvador’s slated introduction of the cryptocurrency as legal tender early next week.

With 64 votes in support and 14 against, Congress approved the fund, as the Central American nation, which already uses the U.S. dollar, will officially introduce bitcoin on September 7.

The law will make El Salvador the first country in the world to introduce the cryptocurrency as legal tender.

The money for the new fund will be transferred from the current budget of the Ministry of Finance and managed by El Salvador’s state development bank, BANDESAL.

According to President Nayib Bukele, who has led the initiative since June, at least 200 ATMs and 50 advisory centers of the state-run Chivo digital wallet app will be installed in various parts of the country, where citizens may deposit and withdraw money without paying commissions.

For more information, view the original story from Reuters.

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