Tuesday, November 30

El Salvador plans to use its earnings from BTC growth to build 20 “Bitcoin schools”


El Salvador has announced another initiative related to Bitcoin. Almost a month after revealing that it will build a pet hospital, the first nation to adopt Bitcoin as legal tender, it is on track to build 20 “Bitcoin schools” using its proceeds from the cryptocurrency holding company.

In a recent tweet from the Press Secretary of the Presidency of El Salvador, it was revealed that the investment in the country’s Bitcoin has already yielded profitable results and for this reason, they will finance a project of “Bitcoin schools” with part of the profits.

The Press Secretary of the Presidency of El Salvador reported that thanks to its earnings from Bitcoin, the country will build 20 “Bitcoin schools.” Source: Twitter

According to him report of a local news outlet, the construction of the 20 new educational facilities, will in turn have the objective of supporting cryptocurrency education for local citizens.

At the moment, El Salvador is the only country that accepts Bitcoin as legal tender. This historic adoption came true on September 7 of this year. This despite the numerous criticisms the country faced from global regulatory institutions such as the IMF.

Also, in the month of September Michael Saylor, the CEO of MicroStrategy and a prominent advocate of cryptocurrencies. Opinion in a interview to Bloomberg, that criticism is inevitable because Bitcoin is simply “the most disruptive technology of the decade.”

Thanks to Bitcoin, El Salvador will build a veterinary hospital

Unsurprisingly, the nation’s president, Nayib Bukele, has played a key role in the adoption of Bitcoin globally. El Salvador currently owns 1,120 BTC, because the last purchase was made at the end of October and was for 420 BTC.

At the time of writing this article, Bitcoin is trading at $ 63,052.06, Bitcoin has had a growth of 32% of its price in the last 31 days.  Source: CoinMarketCap
At the time of writing this article, Bitcoin is trading at $ 63,052.06, Bitcoin has had a growth of 32% of its price in the last 31 days. Source: CoinMarketCap

As mentioned above, this is not the first time that officials from the Latin American country have announced that they would allocate part of Bitcoin’s profits in national projects. Since on a previous occasion, it was reported on the construction of a veterinary hospital.

Last month, President Bukele revealed that the veterinary facility will have hairdressers, offices, classrooms, auditoriums and medical stations. As well as clinics, operating rooms, rehabilitation centers, hospitalization and special quarantine rooms for the nation’s animals.

“We are seeing additional benefits, if the price of Bitcoin continues to rise, new works will come for the benefit of the people. Which do not touch a penny of the general budget of the nation. President Nayib Bukele reported.

The veterinary hospital will have the capacity to attend 384 consultations, 100 emergencies, 64 surgeries and 32 X-rays per day. In addition, the president informed that the treatments will cost $ 0.25 dollars and must be canceled through the use of the government wallet “Chivo Wallet”, in order to encourage its use.

Likewise, Bukele also announced that he will request a proposal for an animal welfare law from the Legislative Assembly of El Salvador. Which will include strong sanctions against animal abuse and the Penal Code will be modified to enforce them.





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