The government will use the "surplus" from its Bitcoin Trust account, which currently contains 1,120 BTC, to build 20 schools.
The Salvadoran government is starting another bitcoin project which includes building schools. These will be created thanks to the country's government investment in cryptocurrencies.
According to President Nayib Bukele, the "surplus" from the state-owned Bitcoin Trust will be used to build 20 schools. On November 2, the president's spokesman confirmed this information on Twitter. He also stated that profits from previous BTC investments will also be spent on the benefit of citizens.
El Salvador is building "bitcoin" schools
Local media reported that the construction of 20 new schools will support the development of the education system and will be part of the construction program of as many as 400 facilities planned under the "My New School" project. The rest of the buildings are being built thanks to a loan granted to the country by the Central American Bank for Economic Integration (CABEI). We are talking about an investment of 200 million dollars.
veterinary hospital
In mid-October, President Bukele also announced that the government would spend $ 4 million from the Bitcoin Trust to build a new veterinary hospital in the capital San Salvador.
All this is possible thanks to the controversial bitcoin law, which officially entered into force in El Salvador on September 7. It was accompanied by protests from Bukele's political opposition. Now, however, we can see that the president of the country was right and so far his investment plans are successful.
On October 28, the media reported that El Salvador bought another 420 BTC. It turns out that the state has a total of 1120 BTC, today worth around USD 70.5 million.
El Salvador BTC, a Twitter channel that tracks bitcoin purchases by the Bukele government, also reported that so far as much as $ 12 million has been made from investing in cryptocurrencies, with an average purchase price of $ 53,062 for 1 BTC.
However, it is worth adding that not everything is done without complications. Recently it became known that the people of El Salvador are being robbed by hackers. What is going on? The government has launched the Chivo wallet. Each new user is credited with $ 30 to start. The problem is that someone began to rob the country's citizens en masse of these funds. Apparently the reason is the leakage of PESEL numbers of Salvadorans. Hackers use these numbers to set up new accounts in the Chivo system and take over $ 30 in BTC.
