20 new ‘bitcoin schools’ to rise in El Salvador

El Salvador is working on a new creative project to increase Bitcoin-related transactions in the country. Under the “My New School” program, the country plans to create 20 new schools from bitcoin profits.

El Salvador’s president, Nayib Bukele, stated that the excess from the government’s Bitcoin Trust will be used to establish these 20 schools in order to develop the country’s crypto infrastructure.

Officials have decided to put the surplus from its State Bitcoin Trust (SBT), which currently contains around 1,120 Bitcoin, to good use.

No taxes involved

The president’s representative further indicated that the additional profits will be used solely for the construction of the schools and that no Salvadoran taxes will be used for this project.

The concept to build 20 new schools is part of El Salvador’s original initiative to construct 400 schools in order to educate the public and develop the country’s educational system.

The Central American Bank for Economic Integration (CABEI) has also provided the country with $200 million in funds to improve its academic offerings.

El Salvador’s government had previously stated its intention to invest $4 million from the Bitcoin Trust to build a new veterinary facility in the country.

Bitcoin Law working, so far

El Salvador BTC, a Twitter account that has been constantly tracking the country’s Bitcoin purchases and earnings, has reported that the country has made almost $12 million in profits so far as Bitcoin prices have remained stable at around $53,062.

The account has also been keeping tabs on the $30 incentive provided by the El Salvadoran government to its inhabitants in order to bolster the country’s crypto adoption effort.

El Salvador’s $30 incentive is now worth $38, demonstrating that the crypto adoption campaign was a success among the country’s people.

 

Image courtesy of Cointelegraph News/YouTube

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