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.
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