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The government intends to use the "surplus" from its Bitcoin Trust account, which currently holds 1,120 BTC.
El Salvador's government is set to begin on its next Bitcoin-related project, which will include building schools using profits the nation has made on the asset.
According to President Nayib Bukele, the profits or "surplus" from the state's Bitcoin Trust account will be used to build 20 schools.
On Tuesday, the press secretary of the presidency 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.”
The spokesperson for Bukele also emphasized that profits from prior Bitcoin (BTC) purchases will be used to assist the people, and that no Salvadoran taxes will be used for the new project.
According to local media, the construction of the 20 new schools will facilitate the expansion of cryptocurrency education for locals and will be part of the "My New School" program's 400 schools. The Central American Bank for Economic Integration granted $200 million in financing for El Salvador's education expansion incentive in October 2020.
El Salvador's contentious Bitcoin Law took effect on September 7, but the state's Chivo wallet had technical issues on its first day of legal tender status.
El Salvador purchased additional 420 bitcoins on Thursday, raising its total holdings to 1,120 bitcoins, according to data. This is worth roughly $70.5 million at current prices of $63,000.
ElSalvadorBTC, a Twitter feed that tracks the nation's Bitcoin purchases, estimated a profit of $12 million as of now, based on an average purchase price of $53,062.
The account also keeps a record of the government's $30 stimulus package, which was given to residents to promote the adoption of Bitcoin.
