El-Salvador Gathers Funds of $150 Million for Bitcoin (BTC) Conversion

El-Salvador Gathers Funds of $150 Million for Bitcoin (BTC) Conversion

Being the world’s first country to completely make Bitcoin (BTC) its legal tender has brought immense attention to the Central American country, El-Salvador. Ever since its official announcement about three months back, El-Salvador’s BTC legal tender has been a hot topic till now. With just a few days left for the complete adoption of BTC as the country’s legal tender along with the U.S dollar, the congress of El-Salvador manages funds of about $150 million.

The Congress’s Decisions 

With the adoption of BTC as legal tender from September 7, the expectations and work towards the system are intense as the preparations are getting close to complete. In spite of this, the El-Salvador’s congress has approved a law for which a fund of about $150 million, in order to facilitate the profuse conversions of the BTC to the U.S dollars. 

Moreover, it’s highly evident that the leading senate in El-Salvador, is the ruling party for the country and so most of the laws towards BTC legal tender’s favors ought to be passed completely. Also, the BTC legal tender passed its legalization with votes of 64 in support for BTC legal tender to just 14 votes against the same. 

Furthermore, the fund of $150 million will be out of El-Salvador’s ministry of finance’s budget. Also, the bank of El-Salvador (BANDESAL) will be responsible for its administration. 

The main notion of this fund allocation is to make sure the conversion of Bitcoin (BTC) to U.S dollars takes place at a fast pace, in an efficient manner, and automatically. The faster the conversions are, the higher will be BTC’s adaptation.

The President’s Views

The main person behind El-Salvador’s BTC legal tender is obviously well known that it is their President, Nayib Bukele. And so, he sure has words upon this latest bill of $150 million passing. 

Accordingly, the President states that the country is almost done with all its establishments for facilitating the adoption of BTC as legal tender and at the same time to make sure that the conversions to U.S dollars take place almost immediately. In addition, he states the nation is on a continuous strive to make sure people adopt BTC at an extremely high rate within a few days after September 7. 

Furthermore, the President reveals that they have so far established about 200 ATMs based on the ‘Chivo’ application, which corresponds to the Government’s digital crypto wallets. Also, apart from these 200 ATMs, more than 50 consultation centers have been put up across the country.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.