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El Salvador says it is looking to utilize some of the profits it’s made from holding and trading bitcoin to build roughly 20 schools throughout the country.
El Salvador Will Rebuild Its Education System
The announcement came by way of Nayib Bukele, the nation’s president. Not long ago, the nation of El Salvador took advantage of a bitcoin dip that saw the world’s number one digital currency by market cap fall to roughly $59,000 per unit. From there, the currency rose back up a bit, and the nation is looking to utilize these profits to ensure its education system is up to date and more students get the opportunity to learn, grow and excel.
This news follows another recent statement that El Salvador would use some of its profits to build a new veterinary hospital. In a series of tweets, Bukele joked about all the people that felt the Central American nation would fail in its bitcoin agenda. He said:
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 funny thing is that the opposition was against the bitcoin law and the purchase of bitcoin. Thank God we did not pay attention to them and the profits that they did not want to exist will benefit many animals.
El Salvador has become the first official country in the world to declare bitcoin legal tender. While many have been rather excited by the move, others – such as the World Bank – have expressed distaste and concern about the maneuver, claiming that bitcoin is too volatile and thus cannot be trusted. The Bank initially turned down the nation’s request for assistance in pushing its bitcoin agenda forward.
Many residents have also objected to the notion of accepting and using bitcoin the way they would use fiat. For many years, El Salvador has been dependent on the U.S. dollar to get around in the global economy, and there have been many protests throughout the nation’s capital of San Salvador from those who would prefer to stick to fiat-based payment measures.
There Have Been Issues…
Lastly, the nation’s Chivo wallet – which allows citizens to hold, trade and spend bitcoin – has experienced many technical issues that have caused delays and lost funds.
Despite these setbacks, El Salvador has chosen to keep moving forward. One of the big pushes for bitcoin use in the nation – according to Bukele – is that bitcoin can potentially relieve some of the high fees that remittance workers experience through fiat currency. Bukele explained that several residents of El Salvador work outside the country and send money home to their families, and bitcoin can potentially ensure that these families see less of their money fall victim to high fees.