El Salvador approves $150m Trust to support crypto infrastructure

TL;DR Breakdown El Salvador legislature approve $150m Bitcoin trust to enhance conversion of crypto to USD.Government creates crypto framework for easy Bitcoin adoption.Gomez speaks on why Bitcoin law is good for Salvadorians. The legislative arm of the El Salvador government has voted for the creation of a $150 million Bitcoin Trust to facilitate easy conversion from BTC to USD and enable locals to balance their cryptocurrency exposure. This is as the country is set to adopt the foremost digital asset as it currency on Tuesday, September 7. Crypto infrastructure framework for Salvadorians Ahead of Bitcoin adoption as its legal currency, El Salvador legislative assembly has developed its crypto infrastructure with the $150 million Bitcoin Trust, $23.3 million toward rolling out crypto ATMs, and $30 million to incentivize the use of the state-backed “Chivo” wallet. These funds are to be drawn from the $500 million loan previously granted to the country for economic recovery from the Central American Bank for Economic Integration (CABEI). The funds initially are for the recovery of small and medium-sized businesses. An overwhelming majority approved the new bill, with 64 legislators voting in favor while 14 went against it. The Development Bank of El Salvador (Bandesal) will oversee the $150 million Trust. Outside the move by legislators, asset tokenization and financial infrastructure company Koibanx said on Wednes...