Asian Tech Press (SEP 01)-- On the 31st, the Salvadoran Congress voted 64 to 14 to approve a $150 million bitcoin trust fund to promote convertibility between bitcoin and the U.S. dollar and hedge against the impact of price fluctuations on the Salvadoran population.

El Salvador is the first country in the world to use cryptocurrency as legal tender. It will be officially adopted on Sept. 7. Legislators said the new fund will be financed by the current budget of the Ministry of Finance and managed by the Development Bank of El Salvador (BANDESAL).

President Nayib Bukele unveiled that at least 200 ATMs and 50 consulting centers from the government's digital wallet app "Chivo" will be installed nationwide, allowing users to access bitcoin without paying a commission. The bitcoin trust will help airdrop $30 worth of bitcoin to Salvadoran citizens who sign up for Chivo.

El Salvador's parliament says it currently has an official estimate of 50,000 bitcoin users in the country and hopes to increase that number to 4 million.