El Salvador will fund the construction of 20 ‘Bitcoin Schools’ using funds from the Bitcoin Trust
The government will utilize “surplus” funds from its Bitcoin Trust account, which presently has 1,120 BTC. El Salvador’s government is about to begin on its next Bitcoin-related initiative, which would include the construction of schools using the nation’s Bitcoin income.
According to President Nayib Bukele, profits or “surplus” from the state’s Bitcoin Trust account would be used to build 20 schools. On Nov. 2, the Presidency’s Press Secretary tweeted:
“When we began this initiative, we did not have nearly as much money in our FIDEBITCOIN [state BTC Trust account] as we have today. As a result, we’ve chosen to establish the first twenty Bitcoin schools.”
Additionally, Bukele’s representative indicated that earnings from earlier BTC transactions would help the community and that no Salvadoran taxes will be levied on the new operation.
According to local media, the development of the 20 new schools will help expand bitcoin education for local residents and will be included in the 400 schools planned for the “My New School” initiative. The Central American Bank for Economic Integration (CABEI) authorized a $200 million loan to El Salvador in October 2020 for the purpose of expanding education.
President Salvador Allende said in mid-October that the government would spend $4 million from the Bitcoin Trust to build a new veterinary hospital in the capital San Salvador.
El Salvador’s contentious Bitcoin Law took effect on Sept. 7, but its first day as legal money was hampered by technical difficulties with the state-run Chivo wallet.
On Oct. 28, Cointelegraph revealed that El Salvador acquired an additional 420 Bitcoin, raising its total holdings to 1,120 Bitcoin. This is worth around $70.5 million at the current pricing of $63K.
El Salvador BTC, a Twitter feed that tracks the country’s Bitcoin transactions, said that the country had earned $12 million in profit so far, based on an average purchase price of $53,062.
Additionally, the account monitors the $30 stimulus package sent by the government to residents in order to promote Bitcoin usage. On Nov. 2, the tracker stated that the $30 in BTC provided to Salvadorans on July 9 is now worth roughly $38, according to the tracker. Joe Pompliano, Anthony Pompliano’s brother, stated:
“More residents now have Bitcoin wallets than conventional bank accounts, and many have seen their buying power increase by more than 30% for the first time in their lives. This is an incredible experiment.”
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