El Salvador makes final preparations for before BTC introduction

Team Luno
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1 minute read

  • In June, El Salvador passed a bill that will recognise bitcoin as legal tender alongside the US dollar. The bill will require businesses to accept BTC as payment, though they are not obligated to.
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    • With just one day to go before El Salvador adopts bitcoin as legal tender, their government has agreed to create a $150 million bitcoin trust to facilitate merchants in the transition.

     

    • According to El Salvador’s Minister of Economy, María Luisa Hayém Brevé, the trust will convert bitcoin to dollars in real time, which will allow local merchants to offset their risk exposure to bitcoin.

     

    • Brevé has said there is a possibility of increasing the initial $150 million allocation, should it be necessary.
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