Key Takeaways
- El Salvador intends to build 20 schools from the proceeds of its bitcoin investment.
- El Salvador is the only country globally that has legalized the use of bitcoin as a legal tender.
- The country also plans to finance the construction of a top-notch veterinary hospital from its bitcoin's return on investment.
The most enthusiastic crypto-focused country globally, El Salvador, is set to begin utilizing the benefits of visualizing the prospect and investing in cryptocurrency. While tweeting about the country's future plan, its press secretary has opined that the country is set to earmark a part of its bitcoin money to construct educational infrastructures to enhance cryptocurrency learning.
According to the executive body, the country's bitcoin stash has yielded some return on investments. And the profits generated will be channeled into developing educational infrastructures across the country. Also, local reports have claimed that President Nayib's Initiative to construct 20 new school infrastructures with Bitcoin's proceed is part of his administration’s plans to build 400 new schools.
Currently, El Salvador is the only country in the world that accepts Bitcoin as a legal means of conducting transactions. Even though this came with a lot of backlash from IMF and other international financial organizations, the decision to legalize the use of Bitcoin came to life in the first week of July 2021.
El Salvador's massive cryptocurrency adoption is the brainchild of President Nayib. And he has seen the country's BItcoin portfolio increasing from 770 units to 1,120 BTCs, after accumulating 420 more BTCs in the last dip.
Notwithstanding the president's drive and decision on using bitcoin as a legal tender, many Salvadorians still hold their reservations on the president's bitcoin legislation. In support of president Nayib's stance on Bitcoin, Micro strategy CEO Saylor has stated that- Considering bitcoin is the "most disruptive technology of the decade," a ruckus is unavoidable.
Although, this is not the first time El Salvador's government officials have stated their decision to utilize a segment of the proceeds from the country's bitcoin investment in national projects. Before now, they had decided to construct a top-notch veterinary hospital.
Related post: Despite the Opposition, El Salvadorian Workers Can Be Paid in BTC
Sometime in October, president Nayib revealed to the public that the hospital would be full pack. The hospital will have isolation rooms, operating rooms, consulting rooms, offices, classrooms, an auditorium and even sections for rehabilitation and hospitalisation.
He also added that on completion, the hospital would be capable of conducting 384 consultations, handling over 100 emergencies, conducting 64 surgeries and performing 32 x-rays daily.
Do you think president Nayib’s drive to improve the adoption and learning of cryptocurrency will positively impact the country's human resources in the next decade? Kindly share your thoughts with us in the comment section.
