The government of El Salvador is embarking on its next Bitcoin-related project, which involves building schools using profits the nation has made on the cryptocurrency. Profits or the “surplus” from the state’s Bitcoin Trust account will be channeled into the construction of 20 schools, according to President Nayib Bukele. Earlier this year, El Salvador had become the first and only country to allow bitcoin as an optional legal tender.
The government says profits from previous BTC purchases will go towards benefiting the people.
On Nov. 2, the Press Secretary of the Presidency tweeted: “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.” According to local reports, the construction of the 20 new schools would support the expansion of cryptocurrency education for locals and be part of the 400 schools planned for the “My New School” program. Bukele’s spokesperson also revealed that profits from previous BTC purchases would go towards benefiting the people, and no Salvadoran taxes will be touched for the new project.
El Salvador’s controversial Bitcoin Law officially came into effect on Sept. 7.
Earlier this year, the President announced that the government would spend $4 million from the Bitcoin Trust to construct a new veterinary hospital in the capital San Salvador. El Salvador’s controversial Bitcoin Law officially came into effect on Sept. 7, but technical glitches marred its inaugural day of legal tender status with the state Chivo wallet. As reported later last month, El Salvador purchased a further 420 BTC bringing its total stash to 1,120 BTC. At current prices of $63K, this is worth around $70.5 million.