According to a piece of news from a local newspaper, El Diario de Hoy, the Finance Commission of El-Salvador Legislative Assembly has agreed to the creation of a BTC trust worth $150 million to manage the BTC/USD exchange in the country.
Maria Luisa Hayem Breve, the minister of economy of the country, reportedly said that there is still the possibility of increasing the allocation for the BTC trust.
The minister explained that there are different teams stationed at different parts of the territory to educate the entire populace on the usage of the Chivo Wallet. This is a friendly application that teaches the Salvadorans the use of Bitcoin.
Hayem Breve also referenced the fear and the skepticism of the Salvadorans to Bitcoin, which is obvious in the protests that hit the streets of the territory. But beyond these, the whole world has been watching the country as the pioneer in the adoption of cryptocurrencies.
Despite all these doubts that stem from the proposed Bitcoin law, the citizens will have to make their choice between adopting the currency or the free BTC worth $30 given to every as commission. The new BTC Trust, however, will help the country facilitate continuous trading in dollars for those who are afraid of the new development.
The country’s legislative arm also agreed to tamper with the year’s budget to accommodate a $500 million loan from the CABEI (Central American Bank for Economic Integration). This loan will help them finance the $150 million meant for the new Bitcoin Trust, which will be managed by the Development Bank of El-Salvador.
Remarkably, about $23.3 million will be dedicated to the development of Chivo ATMs and other supporting structures across the country. Another $30 million was promised by the president for the citizens as an incentive for learning how to use Chivo.
One week from now, every citizen of the country will be able to access the $30 incentive in BTC from the government through their Chivo Crypto Wallet. Converting the BTC to fiat or getting more BTC through the Chivo Crypto Wallet or the ATMs will be free of commission. It was, however, declared that Salvadorans can now receive BTC legally as payments without paying extra changing fees.