Lawmakers in El Salvador this week gave the thumbs up to establish a $150-million fund to support the conversion of Bitcoin to the greenback, Reuters reported.

  • The majority of Congress or 64 members voted in favor of the fund, while 14 voted against it. The fund will be sourced from the finance ministry’s current budget, administered by the Banco de Desarrollo de El Salvador.
  • A congressional document indicates that the fund will financially support the automatic and instantaneous conversion of Bitcoin to the US dollar. It seeks to provide alternatives without prejudice to private initiatives.
  • President Nayib Bukele said a minimum of 200 automated teller machines and 50 consulting centers from Chivo are being put up across the country. These will allow deposits and withdrawals without commissions.

El Salvador is scheduled to officially adopt Bitcoin as a legal tender on September 7. 

BTC is up 5.64%.