El Salvador Creates New $150 Million Bitcoin Fund…Here’s How To Use It
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Answer El Salvador Creates New $150 Million Bitcoin Fund…Here’s How To Use It
El Salvador, that small Central American country, is just a week away from implementing the Bitcoin law.
The state legislature has approved a new $150 million bitcoin fund.
The bill passed on August 31 by 64 votes to 14 against.
The main purpose of the trust will be to convert Bitcoin into US dollars and also to support the crypto infrastructure in the country.
El Salvador made history on June 8, 2021 when it became the first country on earth to legalize bitcoin alongside the US dollar.
The decision was met with euphoria from Bitcoin supporters while the decision faced a lot of criticism from the likes of the International Monetary Fund, the World Bank and a few other financial giants.
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The moment the Democratic Council of El Salvador approved $150 million # bitcoin trust.
Watch how the group reacted. pic.twitter.com/5uf3st1rfw
– Blockworks (@Blockworks_) August 31, 2021
The World Bank denied any assistance to them in implementing the technical aspects of the entire law, and the International Monetary Fund’s $1 billion financial aid has declined in the wake of the Bitcoin law.
Privately issued crypto assets such as bitcoin carry significant risks. Making it equivalent to a national currency is not a recommended shortcut. Read more on our website #IMFBlog By Tobias Adrian of the International Monetary Fund and Tweet embed: pic.twitter.com/Sk9tOjvhD6
– International Monetary Fund (IMFNews) August 29, 2021
Salvadoran President Najib Bukele is driving the adoption of Bitcoin.
The government of El Salvador has previously announced the launch of a nationwide Bitcoin wallet program.
Bukele emphasized all the time that the massive change in the country’s economic processes is not a coincidence or a gimmick and they plan to raise banking services to nearly 70% of the population using bitcoin in the absence of banking facilities.
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He also plans to make El Salvador a clean bitcoin mining hub with the country’s abundant geothermal energy supply.
How will the $150 million bitcoin fund be used?
The Development Bank of El Salvador has been appointed as responsible for the $150 million Bitcoin Trust, and the trust will be set up using funds from a $500 million state loan with the Central American Bank for Economic Integration (CABEI).
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The loan was taken to revive small and medium-sized businesses.
Of the $150 million, $23.3 million was earmarked for installing Bitcoin ATMs and another $30 million was set aside as incentives to promote the use of bitcoin in the country.
The country has also installed 200 Bitcoin ATMs across the country in order to make it possible for everyone to easily convert Bitcoin into dollars.
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