{"id":966648,"date":"2021-11-04T09:28:40","date_gmt":"2021-11-04T13:28:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=966648"},"modified":"2021-11-04T09:28:43","modified_gmt":"2021-11-04T13:28:43","slug":"el-salvador-to-build-20-bitcoin-schools-with-cryptocurrency-profits","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/el-salvador-to-build-20-bitcoin-schools-with-cryptocurrency-profits\/","title":{"rendered":"El Salvador to Build 20 &#039;Bitcoin Schools&#039; with Cryptocurrency Profits"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fel-salvador-to-build-20-bitcoin-schools-with-cryptocurrency-profits%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=966648&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">El Salvador\u2019s government will use surplus profits earned from cryptocurrency investments to <a href=\"https:\/\/diariolahuella.com\/gobierno-informa-que-construiran-las-primeras-20-escuelas-bitcoin-gracias-al-fideicomiso\/\">build<\/a> 20 new schools across the Central American country, El Salvador\u2019s <em>Diaro La Huella<\/em> newspaper reported Monday.<\/p>\n<p>\u201cI want to announce that with a few million that we have left from the profits of bitcoin, we are going to build 20 bitcoin schools, fully equipped and modern,\u201d Salvadoran President Nayib Bukele <a href=\"https:\/\/twitter.com\/SecPrensaSV\/status\/1455363770692390918?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1455363770692390918%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdiariolahuella.com%2Fgobierno-informa-que-construiran-las-primeras-20-escuelas-bitcoin-gracias-al-fideicomiso%2F\">said<\/a> at an event held on November 1 to mark the launch of construction for El Salvador\u2019s first public veterinary hospital.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>The facility is likewise funded by federal cryptocurrency profits.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\" readability=\"8.8922155688623\">\n<p lang=\"es\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/ChivoPets?src=hash&amp;ref_src=twsrc%5Etfw\">#ChivoPets<\/a> | \u201cCuando se hizo este proyecto no hab\u00edamos ganado tanto dinero en el FIDEBITCOIN como hemos ganado ahora. As\u00ed que hemos decidido hacer las 20 primeras Escuelas Bitc\u00f3in\u201d: Presidente de la Rep\u00fablica, <a href=\"https:\/\/twitter.com\/nayibbukele?ref_src=twsrc%5Etfw\">@nayibbukele<\/a>. <a href=\"https:\/\/t.co\/PsQPlMcda9\">pic.twitter.com\/PsQPlMcda9<\/a><\/p>\n<p>\u2014 Secretar\u00eda de Prensa de la Presidencia (@SecPrensaSV) <a href=\"https:\/\/twitter.com\/SecPrensaSV\/status\/1455363770692390918?ref_src=twsrc%5Etfw\">November 2, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u201cGod willing, more works will come from the profits of a trust that was created and a law that was created because we ignored the opposition,\u201d President Bukele <a href=\"https:\/\/uk.finance.yahoo.com\/news\/bitcoin-price-rise-allows-el-175018597.html\">said<\/a> on Monday.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>El Salvador\u2019s Congress passed a \u201cBitcoin Law\u201d on June 8. The legislation went into effect on&nbsp;September 7 making El Salvador the first nation in the world to officially <a href=\"https:\/\/www.breitbart.com\/tech\/2021\/06\/09\/el-salvador-first-country-to-accept-bitcoin-at-legal-tender\/\">recognize<\/a> the cryptocurrency bitcoin as a legal form of tender.<\/p>\n<p>El Salvador\u2019s legislative body <a href=\"https:\/\/www.reuters.com\/technology\/el-salvador-congress-backs-150-mln-fund-bitcoin-ahead-adoption-2021-08-31\/\">approved<\/a> a law on August 31 \u201cto create a $150 million fund to facilitate conversions from bitcoin to U.S. dollars,\u201d Reuters reported at the time. In the two months since its establishment, the Salvadoran Trust for the Adoption of Bitcoin has <a href=\"https:\/\/uk.finance.yahoo.com\/news\/bitcoin-price-rise-allows-el-175018597.html\">purchased<\/a> over 1,000 bitcoins, the&nbsp;<em>Independent&nbsp;<\/em>reported on November 2.<\/p>\n<p>\u201cThe crypto purchase has coincided with a major price rally for bitcoin, which has risen roughly 40 percent since the Bitcoin Law was introduced,\u201d according to the British newspaper.<\/p>\n<p>El Salvador\u2019s announcement of its surplus cryptocurrency profits comes just one week after \u201cBitcoin broke through to an all-time high of nearly $67,000,\u201d Nasdaq\u2019s <em>Bitcoin Magazine<\/em>&nbsp;<a href=\"https:\/\/www.nasdaq.com\/articles\/president-bukele%3A-el-salvador-to-use-bitcoin-profits-to-build-20-schools-2021-11-02\">noted<\/a> on November 2.<\/p>\n<div id=\"attachment_18368090\" class=\"wp-caption alignnone\" readability=\"37\"><a href=\"https:\/\/media.breitbart.com\/media\/2021\/10\/GettyImages-1235277788-e1634600721724.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-18368090\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/GettyImages-1235277788-1024x683-1.jpg\" alt=\"A Chivo Wallet Bitcoin ATM burns during a protest against President Nayib Bukele&#039;s policies on Independence Day in San Salvador, on September 15, 2021. - Thousands of Salvadorans demonstrated on Wednesday to demand that President Nayib Bukele respect the separation of powers and reject the introduction of bitcoin as legal tender, just as the country commemorates the bicentenary of its independence. (Photo by MARVIN RECINOS \/ AFP) (Photo by MARVIN RECINOS\/AFP via Getty Images)\" width=\"990\" height=\"660\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>A Chivo Wallet Bitcoin ATM burns during a protest against President Nayib Bukele\u2019s policies on Independence Day in San Salvador, on September 15, 2021. \u2013 Thousands of Salvadorans demonstrated on Wednesday to demand that President Nayib Bukele respect the separation of powers and reject the introduction of bitcoin as legal tender. (MARVIN RECINOS\/AFP via Getty Images)<\/em><\/p>\n<\/div>\n<p>\u201cOn 28 October, President Bukele confirmed via Twitter that the Latin American nation bought the \u2018Bitcoin price dip,\u2019 exchanging dollars for Bitcoin at a time he believed it remains undervalued by the global market,\u201d the cryptocurrency magazine recalled.<\/p>\n<p>\u201cEl Salvador\u2019s most recent purchase of 420 Bitcoin brought its national stack to 1,120 Bitcoin, worth over $70 million at the time of writing,\u201d according to the publication.<\/p>\n<p>President Bukele said on November 1 the country\u2019s bitcoin-funded veterinary hospital will employ 300 Salvadorans.<\/p>\n<p>Bukele\u2019s administration said it worked to establish bitcoin as a legal tender within El Salvador to help the country retain $400 million in financial fees lost through remittance transactions annually. Salvadoran citizens <a href=\"https:\/\/www.reuters.com\/world\/americas\/migrant-families-wary-el-salvador-becomes-first-adopt-bitcoin-2021-09-06\/\">sent<\/a> $6 billion in remittances \u2014 or money earned while living and working abroad \u2014 home to El Salvador in 2020, largely through traditional wire transfer services. Remittances, predominantly from the U.S., account for roughly 23 percent of El Salvador\u2019s GDP. The Central American nation has recognized the U.S. dollar as its official currency since 2001.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador\u2019s government will use surplus profits earned from cryptocurrency investments to build 20 new schools across the Central American country, El Salvador\u2019s Diaro La Huella newspaper reported Monday. \u201cI &#8230;<\/p>\n","protected":false},"author":37,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-966648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/966648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=966648"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/966648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=966648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=966648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=966648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}