El Salvador to fund 20 Schools and a Hospital with Bitcoin Profits

Key takeaways:

  • Bitcoin earnings to fund 20 schools and a hospital in El Salvador claimed Nayib Bukele.
  • The President reprimanded the opposition for hindering the government’s use of Bitcoin as legal money.
El Salvador To Fund 20 Schools And A Hospital
El Salvador to fund 20 Schools and a Hospital

El Salvador’s President, Nayib Bukele, retweeted multiple threads from the Presidency’s Press Secretary’s Twitter account, indicating that all the earnings from the purchase of Bitcoin will be used to establish 20 schools and a veterinary hospital under El Salvador’s Bitcoin Legal Tender.

Furthermore, he stated that the hospital will create jobs by employing 300 Salvadorans to work there and that the jobs will be well-paying.

“I want to announce that with a few million that we have left from the profits of Bitcoin, we are going to build the first 20 schools, fully equipped and modern. This hospital is being made with the profit from the purchase of Bitcoin. In addition, this veterinary hospital is going to hire 300 Salvadorans who will work here and who will have a decent and well-paid job.”

In addition to launching new initiatives, the President criticized the opposition for obstructing the government from using Bitcoin as legal tender. Following each statement, President Bukele would mock the opposition Party’sParty’s previous efforts to thwart the implementation of the Bitcoin law, which made history on June 9 when Congress authorized Bitcoin as legal cash in the country. The bold action drew a rebuke from the IMF, World Bank, and numerous other rating agencies in the country. However, he also stressed that none of the advances would have been feasible if the administration had not fought against the opposition’ strong criticism and pushback.

“The funny thing is that the opposition was against the Bitcoin Law and the purchase of Bitcoin. Thank God we did not pay attention to them, and the profits they did not want to exist will benefit many animals. Now we are seeing additional benefits, the schools that we have announced, and God willing, more works will come that come from the profits of a Trust that was created and a Law that was created because we ignored the opposition.”

Earlier this year, in June, President Bukele retaliated against the opposition for instilling panic in public due to the recently enacted Bitcoin law. The President stated that Congress passed the Bitcoin bill in a democratic procedure. However, the misinformation spread by some opposition leaders is uncalled for severe criticism of the Bitcoin law. He said that Congress enacted the Bitcoin bill following a rigorous democratic process. However, many people in the opposition have attempted to mislead Salvadorans about Bitcoin by “inventing falsehoods and trying to put fear where there is no problem”.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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