El Salvador plans to build 20 schools with funds from bitcoin transactions

The project will also contribute to the expansion of cryptocurrency education for local residents within the framework of the “My New School" program

04.11.2021 - 13:15

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What's new? The government of El Salvador is launching another bitcoin project. It involves the construction of 20 schools with profits from the State’s Bitcoin Trust account. The press secretary of the President of El Salvador tweeted:

“When this project was started, we did not earn as much money on FIDEBITCOIN [BTC state trust account] as we earn now. That's why we decided to build the first 20 Bitcoin schools”.

#ChivoPets | “Cuando se hizo este proyecto no habíamos ganado tanto dinero en el FIDEBITCOIN como hemos ganado ahora. Así que hemos decidido hacer las 20 primeras Escuelas Bitcóin”: Presidente de la República, @nayibbukele. pic.twitter.com/PsQPlMcda9— Secretaría de Prensa de la Presidencia (@SecPrensaSV) November 2, 2021

What are the prospects? DiarioLaHuella reports that the construction of 20 new schools will contribute, among other things, to the expansion of cryptocurrency education for local residents. These schools will be part of a larger project to build 400 schools planned for the “My New School” program.

Diario La Huella article

In October 2020, the Central American Bank for Economic Integration approved a $200 million allocation for El Salvador to boost education.

What projects have already been announced? In mid-October, President Nayib Bukele announced that the government would spend $4 million from the Bitcoin Trust to build a new veterinary hospital in San Salvador.

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