El Salvador to use surplus Bitcoin Trust funds to build 20 schools

Avatar

Choose your language:
El Salvador is the most progressive cryptocurrency in the world at the moment after making Bitcoin an official tender two months ago.
The government of El Salvador has revealed that it intends to build 20 schools from the profit it makes with its Bitcoin Trust. This latest development is the government’s next project as it looks to make cryptocurrencies more appealing to its citizens.
In September, El Salvador made Bitcoin a legal tender. The leading cryptocurrency is now accepted alongside the US Dollar as payment options for goods and services in the country. Since then, the government has been rolling out numerous initiatives to promote the use of Bitcoin for carrying out everyday transactions.
The Press Secretary of the Presidency revealed yesterday that the government would use some of the proceeds generated from its Bitcoin Trust account to build 20 schools across the country. The Bitcoin Trust is a separate government account dedicated to Bitcoin investment.
Since it was launched, the El Salvadorian government has invested hundreds of millions of dollars in Bitcoin. A few weeks ago, the government bought another $25 million worth of BTC after the leading cryptocurrency dropped below the $60k level.
Since then, Bitcoin’s price has increased, and it is now hovering around the $64k level. This means that the government has made a profit from its Bitcoin investment since it launched the Bitcoin Trust a few weeks ago.
The president’s spokesperson added that profits from previous Bitcoin purchases would go towards benefiting the people. Furthermore, no Salvadoran taxes will be touched for the new project, the government added.
According to local media reports, the new schools will support the government’s efforts towards expanding cryptocurrency education for the locals. The government is committed to teaching its citizens about Bitcoin and other cryptocurrencies as the world enters the age of digital currencies.
Bitcoin is up by more than 2% over the past 24 hours and is trading above the $63k level at the time of this report.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.

source

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Ethereum price analysis: ETH to defend major support at $3,272

Next Post

New REVERSE token is helping to reverse climate change

Related Posts