The funds will be used to support the plan to adopt cryptocurrency as an official means of payment.The new rules will take effect on September 7th.
Financial Commission of the Legislative AssemblyEl Salvador has approved a $ 150 million trust fund to support a plan to legalize bitcoin. Local media report that this amount may be increased over time. On September 7, a new law will come into force in El Salvador, which will make the first cryptocurrency an official means of payment.
Funds from the new fund will includeaimed at paying bonuses in the amount of $ 30 in bitcoins, which the citizens of El Salvador will receive when activating the state cryptocurrency wallet Chiva. It will also launch on September 7th. In addition, the country's authorities are installing 200 bitcoin ATMs. The government estimates that there are now 50,000 Bitcoin users in El Salvador. This number is planned to rise to 4 million.
In July it became known that the administrationPresident of El Salvador began working on a project of its own stablecoin, which will be called "Colon-dollar". The stablecoin is expected to be released before the end of this year.
El Salvador recognized bitcoin in early Juneofficial means of payment, along with the US dollar already used as the currency of this country. According to the new rules, prices in the country can be set in bitcoins, and taxes can also be paid in cryptocurrency. The bitcoin exchange will not be subject to capital gains tax.
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