The El Salvadoran government is journeying toward its upcoming move in its project regarding Bitcoin, which incorporates the construction of schools through the utilization of profits that have been made by the government through the crypto assets. The surplus or profits secured by the account of Bitcoin Trust being held by the state will be consumed in building 20 schools as per Nayib Bukele (the country’s President). On 2nd November, the Presidency’s Press Secretary shared a tweet stating that at the beginning of the project, they had not gathered sufficient money in the state-governed BTC Trust named FIDEBITCOIN, as was required by them to develop the initial 20 schools for Bitcoin.
The Spokesperson of Bukele also mentioned that the profits collected out of the former purchases of BTC will move towards providing people with benefits, and the latest project will demand no taxes. The reports from the native media point out that the development of the latest 20 schools will assist the expansion in education regarding the crypto across the natives, and 400 such schools are scheduled to be included in the next program named “My New School.” In 2020’s October, the CABEI (Central American Bank for Economic Integration) permitted the sponsoring of up to $200M of the El Salvadoran Economy for the growth incentive regarding crypto education.
In the middle of October, it was announced by the President that the country’s government will utilize $4M taken from its Bitcoin Trust for the construction of a unique veterinary hospital to be situated in San Salvador (the capital of the country). The country’s contentious Bitcoin Law got authoritatively implemented on 7th September, however, some technical glitches spoiled the Chivo wallet of the state on the inaugural day of the legal tender status of Bitcoin throughout the country. On 28th October, El Salvador was reported to have had purchased an additional 420 BTC making the total stash equal to 1,120 Bitcoin.
The Twitter feed of the country to track the Bitcoin purchases, named “El Salvador BTC” reported that the profit of up to $12M has been earned up till now, as per $53,062, being an average price of purchase. Another responsibility of the account is to track the $30 incentive given by the government to the residents for encouraging Bitcoin adoption. The $30 value of BTC as a reward for the Salvadorans was initiated on 9th July and currently, its value is about $38, as reported by the tracker on 2nd November.