El Salvador is one of the first countries that its government has ruled in favor of cryptocurrency, especially Bitcoin.
Recently, the country has begun the process of adopting Bitcoin as its legal tender. To facilitate the process, the Senate decided to approve the $150 million fund that will make the process a lot easier.
At the moment, the country has adopted the USD as its legal tender but decided that it also wanted to adopt Bitcoin. On September 7, Bitcoin will officially be a legal tender in El Salvador.
The decision of creating the Bitcoin fund was reached when 64 Senate members voted in favor of this action. Even though 14 members cast their votes against it, El Salvador’s Finance Ministry will still go-ahead to fund the project.
This adoption process is in full swing, not minding that some quarters have begun protests against the decision by the government.
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