El Salvador is bringing new Bitcoin-related projects and has played an important role in increasing BTC adoption in Central America. The most recent addition to this list is its announcement about building schools from the country’s profits through the asset.
As per the statement by President Nayib Bukele, the government is channeling the profits from the state’s BTC Trust account to construct 20 schools.
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. On Tuesday, 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.”
The spokesperson also added that no city taxes would be used to build the new project, and profits from previous BTC purchases would only be used to benefit people.
A local news website reported that these schools would expand crypto education among locals. It also mentioned that the 20 schools will come under the 400 school construction program called “My New School.”
El Salvador expanding BTC roots
Interestingly, El Salvador had recently advertised their plans on using $4 million from their Bitcoin trusts to build a veterinary hospital in the country’s capital.
In October last year, there was an approval of $200 million financing to the country by the Central American Bank for Economic Integration to improve the education sector.
Recently, El Salvador bought another 420 Bitcoins, making the collection of 1,120 BTC worth $70 million at the current market movement.
It is interesting to note that the $30 handout given to the citizens by the government in July is now worth around $38.
The controversial yet revolutionary Bitcoin Law officially came out on September 7, after which many market pundits and experts made statements about its effects on the country.