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El Salvador was the first country in the world to adopt cryptocurrency as a legal tender. Since the legalization of digital currencies in September, it has already gained millions in its Bitcoin Trust, and it continues to grow.
Now El Salvador has been putting the Bitcoin surplus into good use. The government revealed this week that its Bitcoin Trust account currently has 1,120 BTC and there are excess or profits, so they will use these to fund a new project.
As per CoinTelegraph, the surplus will be redirected from the nation’s Bitcoin Trust account to the construction of 20 schools. This information was also confirmed by El Salvador’s president, Nayib Bukele, on Tuesday, by retweeting reports about the project.
“When this project was started, we had not made as much money in FIDEBITCOIN (state BTC Trust account) as we have made now,” the state’s press secretary also said. “So we have decided to make the first 20 Bitcoin Schools.”
The press secretary added that the profits from past purchases using Bitcoin (BTC) will be re-routed to projects that will benefit the citizens. He stressed that the taxes collected by the government would not be touched in any way for the funding of the school constructions.
The local media outlet, Diario LaHuella, reported that the 20 new school buildings would be used to facilitate cryptocurrency education for the locals. The facilities will increase the number of schools under the “My New School” program. It currently has 400 schools on the list.
The schools are part of the approved $200 million financing for the expansion of education incentives. In October 2020, the Central American Bank for Economic Integration handed down the approval for the project.
At any rate, the 20 school buildings are El Salvador’s next project after the pet hospital. Last month, President Bukele unveiled their plan to build a veterinary hospital and the profits from Bitcoin will also be used to construct the large hospital for pets. This project was praised as it is not just a simple building but equipped with 4 operating rooms where 64 surgeries could be performed per day, a rehabilitation center, and other facilities.
