El Salvador trusts its guts on Bitcoin with $ 150 million allocated to BTC trust fund

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Bitcoin (BTC) will officially become legal tender in El Salvador on September 7, and the government is now betting big on the cryptocurrency.

El Salvador sets up $ 150 million Bitcoin trust fund

The Salvadoran government has shown its commitment to Bitcoin after setting up a $ 150 million trust fund. The trust fund has been approved by the finance committee of El Salvador’s Legislative Assembly, and it is expected to be used to support the country’s plan to make BTC legal tender.

El Salvador made history the first country in the world to adopt the main cryptocurrency as legal tender. The proposal was approved a few months ago, but it will go into effect in less than a week.

El Salvadors Diario de Hoy newspaper has now reported that the government has set aside $ 150 million to help it adopt Bitcoin. According to the publication, the government could increase the trust fund money if the need arises.

The government will also launch Chivo, its official Bitcoin wallet, on September 7. While using the wallet and Bitcoin is an option, those who download and use the wallet will receive $ 30 in BTC from the government. According to the lawmaker, the $ 150 million allocated to the Bitcoin trust fund would help share the $ 30 bonus to citizens who sign up for the Chivo wallet.

Adoption has also gained momentum, with the Salvadoran government installing more than 200 Bitcoin ATMs across the country. The price of Bitcoin has been calm in recent days, with the major cryptocurrency trading just above $ 47,000 per coin.

BTC has fallen less than 1% in the past 24 hours, failing to break through and stay above the resistance level of $ 48,000 for the third day in a row.

BTC / USD chart. Source: FXEMPIRE

Not everyone is on board

Not all Salvadorans agree with the government’s plan to make Bitcoin legal. There have been protests in El Salvador in recent days, some people are uncomfortable with having BTC as legal tender.

The protests did not deter the government from its mission. The status of Bitcoins would be established as legal tender in El Salvador, as the government’s belief in cryptocurrency is strong.

The story continues

This article originally appeared on FX Empire

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