El Salvador to use surplus Bitcoin Trust funds to build 20 schools

El Salvador is the most progressive cryptocurrency in the world at the moment after making Bitcoin an official tender two months ago.

The government of El Salvador has revealed that it intends to build 20 schools from the profit it makes with its Bitcoin Trust. This latest development is the government’s next project as it looks to make cryptocurrencies more appealing to its citizens.

In September, El Salvador made Bitcoin a legal tender. The leading cryptocurrency is now accepted alongside the US Dollar as payment options for goods and services in the country. Since then, the government has been rolling out numerous initiatives to promote the use of Bitcoin for carrying out everyday transactions.

The Press Secretary of the Presidency revealed yesterday that the government would use some of the proceeds generated from its Bitcoin Trust account to build 20 schools across the country. The Bitcoin Trust is a separate government account dedicated to Bitcoin investment.

Since it was launched, the El Salvadorian government has invested hundreds of millions of dollars in Bitcoin. A few weeks ago, the government bought another $25 million worth of BTC after the leading cryptocurrency dropped below the $60k level.

Since then, Bitcoin’s price has increased, and it is now hovering around the $64k level. This means that the government has made a profit from its Bitcoin investment since it launched the Bitcoin Trust a few weeks ago.

The president’s spokesperson added that profits from previous Bitcoin purchases would go towards benefiting the people. Furthermore, no Salvadoran taxes will be touched for the new project, the government added.

According to local media reports, the new schools will support the government’s efforts towards expanding cryptocurrency education for the locals. The government is committed to teaching its citizens about Bitcoin and other cryptocurrencies as the world enters the age of digital currencies.

Bitcoin is up by more than 2% over the past 24 hours and is trading above the $63k level at the time of this report.

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Author: Hassan Maishera