20 Bitcoin Schools To Open Up In El Salvador

KEY POINTS

Bukele administration will not be using taxpayer's money to build the schools
The profits from the State's Bitcoin Trust will be used for the project
Citizens have actively opposed economic policies introduced by President Bukele

As the first country to adopt Bitcoin (BTC) and legalize crypto mining, El Salvador currently owns a whopping 1,120 BTC (around $70 million). And now, President Nayib Bukele will be setting up 20 Bitcoin schools in the Latin American country, as revealed in a tweet by the Press Secretary of the Presidency on Nov. 2.

The profits generated from the State's Bitcoin Trust (FIDEBITCOIN) will be directed into building 20 schools in the nation, as confirmed by the tweet. The 20 Bitcoin schools will come under the My New School program, which will establish 400 schools across the nation.

#ChivoPets | “Cuando se hizo este proyecto no habíamos ganado tanto dinero en el FIDEBITCOIN como hemos ganado ahora. Así que hemos decidido hacer las 20 primeras Escuelas Bitcóin”: Presidente de la República, @nayibbukele. pic.twitter.com/PsQPlMcda9
— Secretaría de Prensa de la Presidencia (@SecPrensaSV) November 2, 2021

The above tweet translates as, "When this project was started, we had not made as much money in FIDEBITCOIN as we have made now. So we have decided to make the first 20 Bitcoin Schools."

President Nayib Bukele won't be touching a penny from the taxes collected from the citizens to build the schools, according to a local press report. It further revealed that a number of projects yet to be revealed will be implemented without touching a single penny of the taxes.

However, the President regrets the citizens' opposition against the laws that the Bukele administration is passing. He believes that the opposition is against the progressive tasks being executed.

The people of El Salvador have been actively opposing the economic policies introduced by Nayib Bukele. On Oct. 17, thousands of citizens came on the streets to protest against Bukele's policies. The protestors carried signs like "Bitcoin is fraud," "No to dictatorship," "Democracy is not up for negotiation, it is defended," and "Enough authoritarianism."

Furthermore, people have been facing issues regarding the Chivo wallet released by the President with a number of glitches and non-transparent fees. The controversial law making Bitcoin legal tender and accepting other cryptocurrencies was passed on Sept. 7 and has been supported by many analysts despite strong opposition from citizens.