The government of El Salvador will build 20 ‘Bitcoin schools’ with surplus from Bitcoin Trust

The government of El Salvador is embarking on its next Bitcoin-related project, which involves building schools using profits the nation has made on the asset.

Profits or the “surplus” from the state’s Bitcoin Trust account will be channeled into the construction of 20 schools, according to President Nayib Bukele. On Tuesday, the press secretary of the presidency tweeted:

“When this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.”

Bukele’s spokesperson also stated that profits from previous Bitcoin purchases will go toward benefiting the people and no Salvadoran taxes will be touched for the new project.

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