El Salvador’s government is continuing its Bitcoin adventure with a new project that involves the construction of schools using Bitcoin trust income.
President Nayib Bukele stated that the objective is to build 20 schools. On Twitter, the president’s press secretary wrote:
“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.”
The representative also stated that proceeds from earlier Bitcoin purchases will be used to support inhabitants of the country and that no taxes will be paid for the project, which is always excellent to hear.
These new schools will contribute to the growth of crypto education among Salvadorans and will be among the 400 schools planned for the “My New School” programme. The Central American Bank for Economic Integration agreed a year ago to provide El Salvador $200 million to aid in the expansion of schooling.
Only a few weeks ago, the president announced that $4 million from the Bitcoin Trust would be used to create a veterinary hospital in San Salvador, the country’s capital.
El Salvador became Bitcoin legal tender on September 7th, in the early autumn. In total, the country has 1,120 BTC, which are currently worth $70.5 million. So far, the Central American country has made a profit of $12 million based on a $54,062 average purchase price.
“More citizens now have Bitcoin wallets than traditional bank accounts, and they have seen their purchasing power increase by more than 30% for the first time in their lives.” “This is an interesting experiment,” said Anthony Pompliano’s brother, Joe, just a few days ago, in late October, on Twitter.