{"id":48637,"date":"2021-08-31T17:33:22","date_gmt":"2021-08-31T14:33:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48637"},"modified":"2025-09-02T03:14:43","modified_gmt":"2025-09-02T00:14:43","slug":"el-salvadors-parliament-approves-150-million-bitcoin-fund","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/el-salvadors-parliament-approves-150-million-bitcoin-fund\/","title":{"rendered":"El Salvador’s Parliament approves $150 million Bitcoin fund."},"content":{"rendered":"

The Finance Committee of El Salvador’s Legislative Assembly approved the creation of a $150 million fund to back Bitcoin-dollar exchanges, according to El Diario de Hoy<\/a>.<\/p>\n

Economy Minister Maria Luisa Hayem Breve noted that the initial size of the trust could be increased.<\/p>\n

\n

\u201cWe have several teams to show the population how to use the Chivo wallet. We have developed a user-friendly app so that all Salvadorans can learn cryptocurrency transactions,\u201d she said.<\/p>\n<\/blockquote>\n

Hayem Breve acknowledged that residents have doubts and concerns about the use of bitcoin as an official payment method. However the whole world looks to El Salvador as a pioneer in financial technology, she added.<\/p>\n

After the passage of the relevant bill<\/a>, the opposition called it unconstitutional<\/a>. A July poll showed that only 20% of residents approve the initiative<\/a>.<\/p>\n

In late August in the country began protests<\/a> against the legalization of the first cryptocurrency.<\/p>\n

The fund to guarantee transactions will be managed by the Salvadoran Development Bank (Bandesal).<\/p>\n

Parliamentarians agreed to amend the country’s budget at the request of Finance Minister Alejandro Zelaya and redirect $500 million from CABEI, the Central American Bank for Economic Integration, loan originally earmarked to aid small and medium-sized enterprises.<\/p>\n

Of these funds, $150 million will go to Bandesal to create the trust.<\/p>\n

Another $53.3 million will be allocated to the plan to implement cryptocurrency, of which $23.3 million is allocated for the state program to install Bitcoin-enabled ATMs<\/a>. $30 million will fund an initiative to encourage use of the Chivo wallet, under which authorities promised a one-off payment of $30 in bitcoin to every user<\/a> after registering in the app.<\/p>\n

CABEI backed<\/a> El Salvador in the Bitcoin rollout. The World Bank declined<\/a> to help the country, citing environmental and financial transparency concerns.<\/p>\n

Follow ForkLog news on Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Finance Committee of El Salvador’s Legislative Assembly approved the creation of a $150 million fund to back Bitcoin-dollar exchanges, according to El Diario de Hoy.<\/p>\n","protected":false},"author":1,"featured_media":48638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1278],"class_list":["post-48637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-el-salvador"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=48637"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48637\/revisions"}],"predecessor-version":[{"id":48639,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48637\/revisions\/48639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/48638"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=48637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=48637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=48637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}