20 Bitcoin schools to be built in El Salvador with surplus from Bitcoin Trust 🚨 This article is 3 years old...
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20 Bitcoin schools to be built in El Salvador with surplus from Bitcoin Trust
The new schools constructed will support the cryptocurrency expansion in the nation and assist in educating the locals about the essentials of cryptocurrency trading.
2 min read
Updated: Nov. 3, 2021 at 10:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
El Salvador is planning a new creative endeavor to boost its Bitcoin-related transactions in the nation. The country is planning to build 20 new Bitcoin schools under their “My New School” program.
As per El Salvador’s president Nayib Bukele, the surplus derived from the State’s Bitcoin Trust will be utilized in building these 20 schools to strengthen crypto infrastructure in the country.
#ChivoPets | “Cuando se hizo este proyecto no habíamos ganado tanto dinero en el FIDEBITCOIN como hemos ganado ahora. Así que hemos decidido hacer las 20 primeras Escuelas Bitcóin”: Presidente de la República, @nayibbukele. pic.twitter.com/PsQPlMcda9
— Secretaría de Prensa de la Presidencia (@SecPrensaSV) November 2, 2021
New plans concerning crypto
The government has decided to use the surplus from its State Bitcoin Trust which at present holds approximately 1,120 Bitcoin.
Bukele’s spokesperson has also stated that the additional profits derived will be directed towards building the schools only and none of the Salvadoran taxes will be used for this particular undertaking.
The plan to construct 20 new schools will be a part of El Salvador’s original plan to establish 400 schools to educate the public and strengthen the educational sector of the country. The country has also acquired sizable funding of $200 million from the Central American Bank for Economic Integration (CABEI) to enhance its educational services in the country.
Previously, the El Salvadoran government had also announced its plan to spend $4 million from the Bitcoin Trust to construct a new veterinary hospital in the nation.
El Salvador BTC, a Twitter handle that has been actively tracking the country’s Bitcoin purchases and earnings, has revealed that the country has made roughly $12 million in profits so far when the prices of Bitcoin maintained a steady pace and traded at $53,062.
Those 1,120 #BTC that @nayibbukele and @PresidenciaSV have purchased for El Salvador at an average price of $53,062, worth $59.43 million at the time of purchase, are now worth $71.42 million
— ElSalvadorBTC (@ElSalvadorBTC_) November 2, 2021
The account has also been tracking the $30 incentive that the El Salvadoran government had promised its citizens to boost the crypto adoption drive in the country. As per El Salvador, the $30 incentive is now valued at $38 proving that the crypto adoption drive was a hit among the citizens.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.