El Salvador will build a veterinary hospital using gains from the legalization of Bitcoin
Due to the increase in quotes in the state fund, there has been a surplus of $4 million
11.10.2021 - 08:00 Michael Golikov
Due to the increase in quotes in the state fund, there has been a surplus of $4 million.
What's new? President of El Salvador Nayib Bukele has posted a tweet announcing the construction of a new veterinary hospital. The funds for the project will be taken from the gains that the country receives from Bitcoin operations.
We’ll start building this pet hospital with our #BTC profits. pic.twitter.com/ontf9xiZJT— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021
Where did the gains come from? According to the President of El Salvador, the gains arose in the dollar part of a special trust that was created to ensure the exchange of cryptocurrencies for fiat currency. Due to the growth of bitcoin, the fund has a surplus of $4 million, and the state fund can use this money at its discretion.
“Bitcoins and US dollars are kept on the fund's balance sheet. By maintaining the same number of BTC, even if the number of dollars decreases, we can invest 4 million in some project,” the president explained.
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