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El Salvador Plans to Build “Bitcoin Schools” with Trust Profits

  • The educational infrastructure program of El Salvador is part of the government’s plan to heighten the use of cryptocurrency after Bitcoin was legalized as tender in early September.
  • The government plans to build some 400 schools to educate people about cryptocurrencies, and even a veterinary center.

The government of President Nayib Bukele in El Salvador has announced the launch of a second Bitcoin-related project. The profits generated by the commercialization of the cryptocurrency through a trust will go to the construction of Bitcoin Schools.

"In addition, I want to announce that, with the few million remaining from #Bitcoin earnings, we are going to build the first 20 #Bitcoin schools, fully equipped and modern,"

President Bukele said during an address this week.

“When we first launched this project, we didn't have as much money in our FIDEBITCOIN [state BTC trust account] as we do now. For this reason, we have chosen to build the first 20 Bitcoin schools,”

the press secretary of the presidency wrote on Twitter.

"Now we are seeing the additional benefits, the schools that we have announced, and God willing, more work will come from the profits of a Trust that was created, and a Law that was created because we ignored the opposition,"

added President Bukele.

"Nothing of what the opposition said about the use of #Bitcoin has happened, on the contrary, everything that we said would happen, has happened,"

said the Twitter account of the Salvadoran presidential house.

Alongside these tangible benefits, the presidential spokesperson suggested that the income obtained from previous BTC transactions would be used to help the country’s people. He also indicated that the new company would not touch public funds from taxes.

Works Programs From BTC Earnings

The educational infrastructure endowment program called “My New School,” which will begin with the construction of 20 basic education schools, will help Salvadoran children, and young people in general, learn more about cryptocurrencies and blockchain technology. The government’s goal is to build 400 new schools.

The funds generated for the Bitcoin Schools program will be complemented by $200 million from the Central American Bank for Economic Integration, in order to expand the school capacity of El Salvador.

In mid-October Bukele additionally stated that his government would be investing $4 million from the Bitcoin Trust into the creation of a new veterinary center in the capital, San Salvador.

On The Flipside

  • President Bukele has taken advantage of Bitcoin’s rise to consolidate his controversial cryptocurrency projects, waxing lyrical about its benefits.

Nayib Bukele’s bold bet on Bitcoin has so far been successful, thanks to the growing price of the cryptocurrency, hitting a new high, even despite the technical problems that arose during the launch of the government’s Chivo wallet, initially raising doubts about the BTC project.

Likewise, El Salvador’s controversial Bitcoin Law, which came into force on September 7th, generated a wave of convulsion in the country, primarily led by sectors of the opposition.

Why You Should Care?

  • As expected amid the growth of the price of BTC, the Salvadoran government has continued to increase its holdings of the cryptocurrency.
  • El Salvador bought another 420 bitcoins just this week, bringing its total holdings up to 1,120 bitcoins. Bukele had previously made other purchases, taking advantage of the price slumps.
  • According to Twitter account “ElSalvadorBTC_,” which analyzes bitcoin transactions carried out in the country, the $30 in BTC which the government gave to Salvadorans on July 9th, to encourage its adoption, now holds a value of $38.

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