El Salvador to Build 20 New Schools from Bitcoin Profits
Published
7 months agoon
After adopting Bitcoin as a legal tender back in September, The President of El Salvador, Nayib Bukele has announced that the nation will embark on its next Bitcoin-related project which is building twenty (20) New ‘Bitcoin Schools’ using the profits it has made from Bitcoin.
This announcement was made just after President Bukele carried out the symbolic act of laying the first stone of the first public veterinary hospital in El Salvador. This was revealed on Tuesday 2nd of November by the Press Secretary via the Presidency’s Twitter account;
“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 funds for this massive project will come from the surplus of the Salvadoran Trust for the Adoption of Bitcoin, FIDEBITCOIN . After being launched by Bukele himself, the FIDEBITCOIN trust account now holds roughly $150 million in reserves and is run by the Bank for the Development of El Salvador. Bukele promises that no taxpayer money will be used at all for the project.
Read more:
President of El Salvador, Nayib Bukele is Showing Countries How to Adopt Bitcoin
According to reports, the construction of the 20 new schools will support the expansion of cryptocurrency education for locals and be part of the 400 schools planned for the “My New School” program. In addition, El Salvador purchased a further 420 BTC, bringing its total stash to 1,120 BTC. At current prices of $63,000, this is worth around $70.5 million.
As the knowledge of Blockchain technology and Cryptocurrency continue to grow globally, The whole world is eager to see what country will be next to adopt Bitcoin as nations are forced to compete or be left behind.
What do you think about this story? Share your comments below…
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Street
Trending
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
ALL Sections
Recent Posts
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
[…] post El Salvador to Build 20 New Schools from Bitcoin Profits appeared first on CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & […]