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.<\/p>\n\n\n\n
The move comes ahead of El Salvador’s slated introduction of the cryptocurrency as legal tender early next week.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The law will make El Salvador the first country in the world to introduce the cryptocurrency as legal tender.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
For more information, view the original story from Reuters.<\/p>\n","protected":false},"excerpt":{"rendered":"
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