El Salvador plans to construct 20 “Bitcoin schools” with funds from the Bitcoin trust.

El Salvador’s government is about to start on its second Bitcoin-related initiative, which will include the nation’s income from the asset being used to build schools.

According to President Nayib Bukele, the profits or “surplus” from the state’s Bitcoin Trust account would be used to build 20 schools. On November 2, the White House Press Secretary tweeted:

“When this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.”

Bukele’s representative also indicated that revenues from prior BTC purchases will help the people, and that no Salvadoran taxes would be affected by the new operation.

According to local media, the building of the 20 new schools will assist the spread of bitcoin education for locals and will be part of the “My New School” program, which will see 400 schools built. The Central American Bank for Economic Integration (CABEI) granted $200 million in financing for El Salvador’s education expansion incentive in October 2020.

The President declared in mid-October that the government will invest $4 million from the Bitcoin Trust to build a new veterinary facility in San…