El Salvador Will Use Bitcoin Project Surplus To Build Bitcoin Schools

2021-11-03 23:41:32
El Salvador Continues With Bitcoin Success

The government of El Salvador reveals plans to use the surplus from the country’s Bitcoin Trust project to build bitcoin schools.

According to pro-crypto oriented President Nayib Bukele, the remainder of the funds from the Bitcoin Trust project will be allocated towards building 20 bitcoin schools throughout the country.

For that matter, the Press Secretary of the President tweeted the following statement:

When this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.Press Secretary of the President of El Salvador| Official Twitter Statement

Moreover, the President’s cabinet also states that all profits from bitcoin purchases will go towards helping the people. In addition to reassuring Salvadirons that the upcoming project won’t impose any additional taxes.

The Central American Bank for Economic Integration (CABEI) already approved El Salvador’s project last year in October. In particular, the $200m budget for the ‘My New School’ bitcoin school project.

This upcoming educational program will start with 20 bitcoin schools. However, the end goal is to build a total of 400 bitcoin schools all throughout El Salvador.

Reaping The Rewards

Consequently, this is is another major step for the first country to ever make bitcoin legal tender. And so far it definitely seems like it is paying off.

For example, El Salvador already reaps the rewards from investing in bitcoin. As a result, President Bukele said that the capital San Salvador will get a new veterinary hospital with money from the surplus.

Specifically, the government will spend $4m from the Bitcoin Trust surplus to built a modern veterinary hospital.

In fact, just a couple of weeks ago the government of El Salvador purchased an additional 420 bitcoin. That is nearly $70.5m, with the current market cap.

With this, the country now has a total of 1.120 BTC, or a whopping $69,956,276.55 at the time of writing.

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