The government of El Salvador has announced building 20 schools by using the excess funds from Bitcoin Trust. This fund currently holds 1,120 BTC tokens. The information was shared through a tweet by the President.
The message conveyed that at the beginning of the project, the government didn’t make sufficient money through FIDEBITCOIN, which is the account of state BTC Trust. Although, in the current times, the amount is considerable and hence, the government has decided to build 20 Bitcoin schools.
The Data From Bukele’s Representative
The spokesperson of the president highlighted that profits acquired through the purchases of prior BTC are intended towards offering advantages to the people. The new project is further not going to use any Salvadoran taxes.
Reports provided by the local media highlighted that these 20 Bitcoin schools are going to support the enhancement in the education related to cryptocurrency in the country. Besides, the project is a part of the “My New School” program that planned to create 400 new schools in the country.
This program is been financed by the Central American Bank for Economic Integration, also known as CABEI. The bank provided finance of $200 million in order to meet the country’s vision of growth of the education industry.
Investment through Bitcoin Trust
In the midst of October 2021, the Salvadorian president declared that the surplus collected in the Bitcoin trust will spend $4 million to build a very new veterinary hospital. This hospital is located in the capital city. Moreover, the country made a purchase of 420 BTC that totalled 1,120 BTCs, which in present times accounts for a value of $70.5 million. In addition, the government tries to motivate the citizens to adopt Bitcoin and further tracks it through a $30 stimulus.
