(Reuters) El Salvador is moving ahead of its peers in the adoption of cryptocurrencies after its Congress approved a law creating a $150 million fund for bitcoin-dollar conversions.
Money for the planned fund will be channeled from the finance ministry’s current budget and overseen by the state development bank of El Salvador.
El Salvador expects the new law to allow instantaneous and automatic conversion of Bitcoin into US dollars without prejudicing private initiatives.
El Salvador’s move happens ahead of its anticipated adoption of Bitcoin as a legal tender on September 7.
When adopted, El Salvador will become the first Central American nation in the world to accept Bitcoin as a legal tender.
El Salvador is currently installing more than 200 ATMs and 50 consulting centers in different parts of the country where users can make deposits and withdrawals without incurring commissions.
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