El Salvador Gives Green Light for a $150M Bitcoin Trust

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The Legislative Assembly of Latin American country El Salvador has just approved the creation of a $150 million Bitcoin Trust and as well as the development of crypto-related infrastructure and services.

The bill, which was passed yesterday, aims to facilitate the conversion from Bitcoin to fiat, in this case, the US dollar, and to support the development of the technological infrastructure required to guarantee the adoption of the asset by citizens.

We should remember that the law that recognizes Bitcoin as legal tender in the country will come into effect on September 7.

The $150 million of the trust, which will be overseen by the Development Bank of El Salvador (Bandesal), will be redirected from the country’s $500 million loan with the Central American Bank for Economic Integration (CABEI).

To boost the adoption of Bitcoin across the country, El Salvador’s president Nayib Bukele announced a $30 Bitcoin airdrop to every user adult who downloads the Chivo wallet, the country’s official Bitcoin wallet.