El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin ahead of the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.
The purchase is part of a new $150 million Bitcoin fund passed last week by El Salvador’s Congress. The fund will be used to facilitate conversions from BTC to United States dollars in the lead-up to the new law being implemented. At current prices, the BTC purchase was worth just over $10.36 million.