El Salvador will use the surplus of the Bitcoin Trust Fund to establish 20 “Bitcoin Schools”

The government of El Salvador is embarking on its next Bitcoin-related project, which involves using the country’s profits on the asset to build schools.

According to President Nayib Bukele, the profit or “surplus” from the state’s Bitcoin trust account will be used to build 20 schools. November 2, Press Secretary of the Presidential Palace Tweet:

“When this project started, we did not make so much money on FIDEBITCOIN [state BTC Trust account] As we are doing now. So we decided to establish the top 20 Bitcoin schools. “

A Bukele spokesperson also stated that the profits from the previous purchase of BTC will be used to benefit the people, and the new project will not involve Salvadoran taxes.

Average local Report The construction of 20 new schools will support the expansion of cryptocurrency education for locals and become part of the 400 schools planned by the “My New School” program. In October 2020, the Central American Bank for Economic Integration (CABEI) approved US$200 million in financing to El Salvador for educational expansion incentives.

In mid-October, the President announced that the government would allocate US$4 million from the Bitcoin Trust Fund for Build a new veterinary hospital In the capital San Salvador.

El Salvador’s controversial Bitcoin law came into effect on September 7, but the inauguration day of its legal tender status was Technical Failure of Chivo Wallet.

On October 28, Cointelegraph reported that El Salvador Bought another 420 BTC The total amount of concealment reached 1,120 BTC. At the current price of US$63,000, this value is approximately US$70.5 million.

related: El Salvador took action on Bitcoin price drop and bought 150 BTC

El Salvador BTC, a Twitter feed that tracks Bitcoin purchases in the country, reports that it has made a profit of $12 million so far based on an average purchase price of $53,062.

The account also tracks a $30 stimulus package provided by the government to citizens to encourage the adoption of Bitcoin.this Offer $30 in BTC to Salvadorans July 9th is now worth about $38, the tracker Report November 2nd. Anthony Pompliano’s brother Joe Comment:

“There are now more citizens with bitcoin wallets than traditional bank accounts. For the first time in their lives, they have seen their purchasing power increase by more than 30%. This is an interesting experiment.”

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