El Salvador's Parliament approves $150 million in funding

Uğur Bayram

Aug 31, 2021

El Salvador has taken another step towards making bitcoin legal, with parliament passing a US$150 million fund bill.

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El Salvador has taken another step towards making bitcoin legal, with parliament passing a US$150 million fund bill.
Thanks to this fund, the government will be able to support BTC-USD transactions. The money in this fund will be managed by the El Salvador Development Bank.
Chairman Nayib Bukele is aware that after this change, traders will return their money to BTC.
A $30 million loan has been allocated to give a $30 bonus to users using the El Salvador new wallet, Chivo.
Economy Minister Maria Luisa Hayem Breve said:
“We have several teams in the country to show the public how to use the Chivo wallet. We have developed a user-friendly application so that all Salvadorans can learn to use this cryptocurrency.”

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