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El Salvador's Congress approves $150 million fund to facilitate Bitcoin conversions

Shortpedia

Content Team
Image Credit: Shortpedia

El Salvador has moved one step closer to adopting cryptocurrency transactions as Congress approved a law to create a $150 million fund to facilitate conversions from Bitcoin to US dollars. The fund was approved with 64 votes in favour and 14 votes against. The Central American country is set to adopt cryptocurrency as a legal tender next week. It will be the first country to use cryptocurrency as a legal tender.