El Salvador is stepping up its bid to turn Bitcoin into a legal tender in the country as the legislative assembly of the country has approved a $150 million trust for this project. According to the legislators, the new trust is needed to support crypto infrastructural development and services across the developing country.
The new bill which enjoyed overwhelming support from the lawmakers (64 of them voted in support of the bill) is designed in a way that would ease the conversion of the flagship digital asset into the US Dollars. Not only that, the bill would also be used to cater for the development of infrastructural facilities that would accelerate the adoption of digital assets.
With Bitcoin set to become a legal tender from September 7, the new legislation is needed to provide a legal framework that will ensure the acceptability of the coin across board. Notably, the Development Bank of El Salvador (Bandesal) will oversee the $150 million trust.
According to available information, the country will be funding this trust from a $500 million loan it took from the Central American Bank for Economic Integration (CABEI).
You would recall that President Nayib Bukele has tried to incentivize the adoption of BTC in the country by offering to airdrop $30 worth of the asset to every adult in the country who downloads its official digital wallet, Chivo.