TL; DR breakdown
- El Salvador plans to use Bitcoin measures to build about 20 schools to expand education in the region.
- El Salvador’s Vice President Buckle assures his citizens that no tax money will go into the project.
The President of the Central American Republic of El Salvador launches an initiative aimed at reforming the domestic education sector. The government, which has been reluctant to accept bitcoin as a legal tender, wants to improve its economy and money transfer systems using digital assets.
The purpose of these schools is to modernize the education system using bitcoin profits. It also reassures El Salvador taxpayers that their money does not play a role in financing the project. This initiative is not the only step that El Salvador is taking to improve its bitcoin trust.
The whole process is not without challenges because the trust had several scam problems. The school project is one of the ways in which President Buckle hopes to dispel any doubts that people may have about his intentions.
However, the country is benefiting significantly from its bitcoin investment as the coin continues to operate steadily in crypto markets. It is also a great way to fight inflation, a growing problem in a traditional economy that pushes people’s living standards.
Expand your bitcoin stocks
El Salvador’s decision to convert bitcoin as a legal tender began in September, when the president and senate bought 400 bitcoins. It is the second currency in the country’s economy to work alongside the US dollar. Recently, its chairman increased his reserves to 420 bitcoins and increased his total assets to 1,100 bitcoins.
The fraudulent allegations about the legal tender are linked to the Chivo wallet and raise questions about the government’s credibility in the community. As the country’s most advanced wallet service for transactions, it is understandable that citizens have their own concerns.
However, Orcaex is working on introducing another wallet for the country. In addition, he expressed his hope to join El Salvador’s bitcoin industry and his belief in the country’s potential.
Following the COVID-19 global epidemic, both sides suspended any negotiations on an issue. Nevertheless, this is a great opportunity to get them back on track and help the El Salvador digital currency market.
Bitcoin mining in El Salvador volcano
President Buckel recognizes the effects of bitcoin mining power on the energy sector. However, preparation is needed to use volcanic energy to power this process. The President of El Salvador in a detailed video highlighted the new power plant and BTC extraction equipment being installed.
This plan is not only a way to manage energy consumption during bitcoin mining, but also a way to provide clean energy during the process.
Various financial institutions around the world have clearly stated that El Salvador is taking the wrong steps by introducing bitcoin to its financial sector. However, the country will not back down from these steps. Also, these projects will be open to the public to clear the name of the government from the consequences of the Chivo wallet scam.