Nayib Bukele, The president of El Salvador announced the establishment of the countries second bitcoin project known as “My New School”. This educational program will be funded by revenue generated through a trust for the commercialization of crypto products will be used to finance bitcoin schools.
He made the announcement via Twitter delineating that bitcoin schools will be built from cryptocurrency earnings and despite difficulties faced, profits from trust will be utilized to fund the project.
His words “In addition, I want to announce that, with the few million remaining from #Bitcoin earnings, we are going to build the first 20 #Bitcoin schools, fully equipped and modern,” President Bukele said during an address this week.
“When we first launched this project, we didn’t have as much money in our FIDEBITCOIN state BTC trust account as we do now. For this reason, we have chosen to build the first 20 Bitcoin schools,” the press secretary of the presidency wrote on Twitter
“Now we are seeing the additional benefits, the schools that we have announced, and God willing, more work will come from the profits of a Trust that was created, and a Law that was created because we ignored the opposition,”
The educational program called “My New School,” which will begin with the construction of 20 basic education schools, will help Salvadoran children, and young people in the society to understand the fundamental concept of blockchain technology and bitcoin mechanisms.
The funds generated for the Bitcoin Schools program will be complemented by $200 million from the Central American Bank for Economic Integration, with the aim of enlarging educational frontiers in El Salvador.
As the growth of bitcoin continues, the Salvadoran government has continued to increase its holdings of the crypto assets. El Salvador bought another 420 bitcoins just this week, bringing its total holdings up to 1,120 bitcoins.