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El Salvador to use BTC profits to build 20 Bitcoin schools

el-salvador-to-use-btc-profits-to-build-20-bitcoin-schools

Less than a month after announcing plans to build a hospital for pets. The crypto-friendly nation is now on track to build 20 BTC schools with a portion of its investment profits.

20 new facilities will support cryptocurrency education

A recent tweet from the president’s press secretary outlines El Salvador’s future plans. According to a local report, the construction of the 20 new facilities will support cryptocurrency education for locals and join the 400 schools in the New School program. The government shared that it’s Bitcoin investment has already proven profitable and will fund the project with a portion of the proceeds.

El Salvador was the first country to accept BTC as legal tender. The historic move became a reality on September 7 this year, despite the increased criticism the country has faced from global organizations like the IMF. Predictably, the country’s president Nayib Bukele played a crucial role in the adoption of BTC. The Latin American nation holds 1,120 BTC. The last purchase took place at the end of October. At that time, the country bought 420 BTC.

El Salvador had some issues with its Chivo Wallet

It turned out that there are also a lot of people who have started using the Chivo Wallet for scalping Bitcoin. The wallet paused transactions, sometimes for up to a full minute, until payment confirmation arrived. This allowed people to take advantage of price fluctuations on crypto exchanges within that minute to make a profit.  According to many regulators in El Salvador, this process was made possible because of the wallet its freeze function. To prevent it from happening the app has been updated without this freeze option.

Other features have also been disabled. For example, customers can now only make limited conversions (one transaction every three minutes). Douglas Rodriguez of the Central Bank of El Salvador also says that the main goal is to ensure that Bitcoin is no longer seen as a speculative resource. They see it as a means of payment and not a speculative resource.

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