Salvadoran lawmakers have accepted a invoice aimed toward organising a $150 million fund that may facilitate the nation’s bitcoin (BTC) integration challenge. A total of 64 Salvadoran Congressmen voted in favor of the bill while 14 members opposed it, according to a Reuters report on August 31, 2021.
El Salvador Units Apart $150 mIllion for Venture Chivo
Forward of the highly-anticipated September 7 Bitcoin Legislation implementation, El Salvador’s President Nayib Bukele has scored one other vital level, as the nation’s lawmakers have approved the creation of a multi-million dollar Bitcoin trust for the journey ahead.
Per sources near the most recent growth, a complete of 64 out of 78 Salvadoran lawmakers have supported the launch of a $150 million bitcoin fund that may facilitate a clean official integration of bitcoin into the nation’s processes from September 7, 2021.
Notably, the $150 million will be carved out from the $500 million loans El Salvador’s finance ministry secured from the American Bank for Economic Integration (CABEI). The funds might be administered by the state growth financial institution of El Salvador (BANDESAL).
Sources say the funds will be used to finance the creation of at least 200 bitcoin ATMs and 50 consulting centers in the nation, plus the Chivo incentive program proposed by President Bukele, which goals to reward all customers of the pockets with $30 price of BTC every.
“The purpose of this law is to financially support the alternatives that the state provides, without prejudice to private initiatives, that enable the consumer to hold out the automated and instantaneous convertibility of bitcoin to the U.S greenback,” declared the Congress.
A Win-Win Scenario?
Since the initial announcement of project Chivo earlier in June, there have been serious criticisms and pushback from members of opposition parties, in addition to feedback from some monetary organizations, together with the Worldwide Financial Fund (IMF).
As reported by BTCManager last June, members of El Salvador+ Farabundo Marti National Liberation (FMLN) filed a lawsuit questioning the legality and constitutionality of Bukele’s Bitcoin Law, arguing that the challenge would have dangerous results on the nation.
In the same vein, a survey report released in July by Disuptiva, an affiliate of El Salvador’s Francisco Gavidia University, confirmed that greater than 50 p.c of the 1,233 respondents believed that the bitcoin integration challenge was a nasty initiative.
However, President Bukele in a Twitter thread on August 23, allayed the fears of project Chivo skeptics, making it clear that the initiative is a win-win state of affairs for everybody, as it would bring significant cost savings and a plethora of benefits for the masses.
