The federal government in El Salvador is looking at its next Bitcoin project which would see them building schools using the crypto profits. The surplus of the profits will be taken from the Trust account of BTC which would then be channeled into the construction of 20 new schools according to the President, Nayib Bukele.
On the 2nd of November, the Press Secretary of the Presidency sent out a tweet that stated that when the project was still in a developmental stage, they didn’t have the funding that they have now. So, the government has decided to construct the first 20 BTC schools.
Bitcoin Profits To Be Used For Constructing Schools In El Salvador
The spokesperson for Bukele also spoke about how the profits from the previous purchases of Bitcoin would go towards helping the people and no such Salvadoran taxes would be infringed upon for the new project. Several media outlets have reported that the construction of the schools will immensely support the expansion of cryptocurrency education for most locals in the area- after which it would then be a part of 400 schools that have been planned for the “My New School” program.
The President had already announced the previous month that the government was looking towards spending $4 million from the Bitcoin Trust in order to build a new veterinary hospital in the capital city, San Salvador. The hugely controversial BTC Law did come into effect in the country on the 7th of September, but its day of inauguration was then marred by several technical glitches in the Chivo wallet of the state.
On the 28th of October, Cointelegraph mentioned that El Salvador had further purchased around 420 Bitcoin tokens, bringing its total stash to around 1,120 BTC. At the price it currently stands on, the entire sum would be worth around $70.5 million.
