The government of El Salvador announced it will use a surplus from its Bitcoin Trust to build 20 ‘bitcoin schools’ in the country. The Bitcoin Trust is where El Salvador’s government keeps the bitcoins it buys, currently totalling 1,120 BTC.
According to local reports, the money will be used to build 20 new schools and support cryptocurrency education projects. In October, the government also announced plans to spend US$ 4 million from the same Bitcoin Trust’s funds to build a new veterinary hospital in the capital, San Salvador.
In September this year, El Salvador became the first country in the world to make bitcoin legal tender alongside the US dollar which is used as the country’s fiat currency. It also created incentives for Salvadorans to buy and trade bitcoin and added a network of ATMs in the country designed to handle cryptocurrency transactions.
One of the main aims by El Salvador’s government is to reduce the cost of remittances from citizens abroad, especially those residents in the US, which are so important to local families and the country.
Eduardo Carvalho, the founder and CEO of Dynasty Global Investments AG, alerted:
"Once you are past some of the hype surrounding developments there, what El Salvador is doing is a very interesting experiment, no doubt to be watched closely by other countries as cryptocurrencies continue to gain ground around the world. It is worth watching developments there for other countries to learn what to do and, of course, what not to do as they look into developing their own digital currency plans."