El Salvador to build schools with bitcoin

  • Using surplus from its Bitcoin Fund, El Salvador will construct 20 “bitcoin schools.”
  • The announcement of the plans came in a series of live tweets from Casa Presidencial, the office of President Nayib Bukele, as part of an event where he laid the first stone of El Salvador’s first veterinary hospital funded by bitcoin.
  • “I want to announce that with a few million that we have left from the profits of bitcoin we are going to build the first 20 schools, fully equipped and modern,” the president said via a Casa Presidencial tweet.
  • The Bitcoin profits amount to $4 million and is coming from the Salvadoran Trust for the Adoption of Bitcoin, or Fidebitcoin. Fidebitcoin was set up after El Salvador adopted Bitcoin as legal tender in September, and currently has $150 million in reserves. The trust is also managed by the Bank for the Development of El Salvador.

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