El Salvador to Create $150M Bitcoin Trust to Facilitate Exchange to US Dollars
The trust will instantly convert bitcoin to dollars, allowing local merchants to offset their exposure to bitcoin.
Updated May 11, 2023 at 4:13 p.m. UTC
El Salvador’s government has agreed to create a $150 million bitcoin trust to facilitate exchange between bitcoin and U.S. dollars in the country, according to a report by local newspaper El Diario de Hoy.
- El Salvador’s Minister of Economy, María Luisa Hayém Brevé, said there is a possibility of increasing the initial $150 million allocation, which was agreed to on Monday by the deputies of the Finance Commission of the Legislative Assembly.
- The trust will be set up at the Development Bank of El Salvador and allow merchants to instantly convert bitcoin into U.S. dollars, offsetting their risk.