• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Bitcoin trust, a judge's hammer
Nexo

El Salvador’s Legislative Assembly Approves Key $150M Bitcoin Trust

Eduardo Próspero by Eduardo Próspero
12 months ago
in Bitcoin, Bitcoin Politics, Bitcoin Regulation
0
Advertisement

For El Salvador’s Bitcoin Law to function as planned, a Bitcoin trust fund is crucial. The country’s government will handle the exchange between dollars and bitcoins. They’ll assume the volatility and guarantee prices. And now, less than a week before the law goes into effect, the Finance Commission of the Legislative Assembly confirmed the creation of a $150M Bitcoin trust. Just in time.

Related Reading | El Salvador’s Central Bank Issues Guidelines For Banks, Raises Questions

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Salvadoran newspaper El Diario de Hoy quoted María Luisa Hayém Brevé, the  Minister of Economy:

“We have several teams in the territory to show the population how to use the Chivo Wallet. We have developed a friendly application for all Salvadorans to be able to learn how to use this cryptocurrency.”

About the Bitcoin trust fund itself, a couple of months ago when President Bukele explained the Bitcoin Law to us, Bitcoinist told you:

“El Salvador will have a trust fund dedicated to these currency exchanges. They’ll buy the Bitcoin from those who choose to receive Dollars, and they’ll protect their earnings from possible volatility in Bitcoin’s price. If the vendor does a transaction for $5, that’s exactly what he or she’s going to get.

According to President Bukele, El Salvador’s Bitcoin law “gives full freedom to the seller, but also gives full freedom to the buyer.” 

Where Does The Money For The Bitcoin Trust Fund Come From?

The Central American Bank for Economic Integration (CABEI) gave El Salvador a $500M loan. From those funds:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
  • $150M will become the Bitcoin Trust
  • $53.3M is the budget for the plan’s execution. From those, $23.3M are for the Puntos Chivo cashpoint kiosks and the Chivo ATMs.
  • $30M for the $30 bonus each Salvadoran who uses the government’s Chivo Wallet will get.

Estamos construyendo 50 puntos Chivo distribuidos por todo nuestro país 🇸🇻

En ellos se podrá depositar y retirar dinero (sin comisiones) y habrá personas listas para asesorar en cómo descargar y utilizar la billetera electrónica y los cajeros.@chivowallet #Bitcoin #PuntosChivo pic.twitter.com/unT8rOTR7f

— Nayib Bukele 🇸🇻 (@nayibbukele) August 31, 2021

In recent a report about the Central American Bank for Economic Integration’s level of involvement in the implementation of the Bitcoin Law, Bitcoinist commented: 

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

“The Central American Bank for Economic Integration seems to be one of the most bullish institutions in this whole scenario. Mossi thinks that “Guatemala, Honduras and El Salvador are the countries that would have the most to gain if the adoption of bitcoin lowered the cost of sending remittances.” All countries in his organization’s area of influence.”

BTCUSD price chart for 08/31/2021 - TradingView

BTC price chart on Bitbay | Source: BTC/USD on TradingView.com

How Will El Salvador’s Government Guarantee No-Fee Transactions?

Last week, using a tweetstorm, President Bukele clarified some of the many doubts that this groundbreaking project creates. Among other things, Bukele claimed:

  • With the app, they’ll be able to receive or get paid in BTC and in Dollars. Without any fees.

  • Salvadoreans abroad will be able to send to their families remittances in BTC or in Dollars, again without any fee.

  • People can immediately exchange all of the BTC they get into Dollars. They can then leave it on the wallet or extract cash in the already mentioned 200 ATMs and 50 cash points.

Related Reading | President Bukele Clears Up Misconceptions About The Government’s Chivo Wallet

How will they do it? They’ll use the recently approved $150M Bitcoin trust fund, that’s how. The government will assume Bitcoin volatility’s risk, but it will also reap the rewards that said risk entails. While the opposition worries about President Bukele’s ability to guarantee dollar liquidity, they miss the bigger picture. El Salvador’s government now holds bitcoin in its balance sheet. They have exposure to the hardest money ever created.

Less than a week to go before the Bitcoin Law goes live. Grab your seats.

Featured Image by Wesley Tingey on Unsplash - Charts by TradingView
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Eduardo Próspero

Eduardo Próspero

Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Beware of my Telegram impersonator!

Related Posts

Bitcoin Crypto

Crypto Market Sees $510M Futures Flush As Bitcoin Breaks $24.5k

8 hours ago
bitcoin family

“Bitcoin Family” Loses $1 Million In Bear Market, What’s Next For Them?

10 hours ago
Zipmex Opens Crypto Withdrawals After Pausing Due To Volatile Markets

Zipmex Opens Crypto Withdrawals After Pausing Due To Volatile Markets

11 hours ago
Bitcoin UK Based Football Club Oxford City Embraces Bitcoin As Payment For Match Tickets

Why $10 Trillion AUM BlackRock Launched Spot Bitcoin Private Trust For Clients

12 hours ago
Crypto

Crypto Obsessed: Nigeria Tops Google Trends Search For Cryptocurrency Info

16 hours ago
Vinteum logo

Vinteum Will Train And Sponsor Bitcoin Developers In Brazil And Latin America

22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.