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El Salvador to Create $150M Bitcoin Trust to Facilitate Exchange to US Dollars
The trust will instantly convert bitcoin to dollars, allowing local merchants to offset their exposure to bitcoin.
El Salvador’s government has agreed to create a $150 million bitcoin trust to facilitate exchange between bitcoin and U.S. dollars in the country, according to a report by local newspaper El Diario de Hoy.
- El Salvador’s Minister of Economy, María Luisa Hayém Brevé, said there is a possibility of increasing the initial $150 million allocation, which was agreed to on Monday by the deputies of the Finance Commission of the Legislative Assembly.
- In June, El Salvador passed a bill that treats bitcoin as legal tender alongside the U.S. dollar. The bill goes into effect Sept. 7 and will require businesses to accept payment in bitcoin, although the country’s president and finance minister said businesses that did not would not be penalized.
- The trust will be set up at the Development Bank of El Salvador and allow merchants to instantly convert bitcoin into U.S. dollars, offsetting their risk.
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
