President of Bukele has shared his Initial Plans with Profits Generated through Bitcoin
When El Salvador first legalized Bitcoin in the country and initiated its utility, it received a lot of internal and external resistance. Still, the President of El Salvador Nayib Bukele did not give up and carried on with his efforts of diving more into the crypto-sector.
Over time, the locals of El Salvador seem to have started catching up to the idea of adopting Bitcoin. It seems that the locals have now realized the importance of cryptocurrencies and how much they can benefit from Bitcoin.
Although Nayib Bukele was unable to convey his ambitions and strategy for the country through his words, the practicality of Bitcoin in the country is sending the message across.
Bukele is constantly adding more and more developments to the adoption of Bitcoin in the country. The recent announcement he made will finally help him gain more trust from the El Salvador locals.
Bukele has recently publicly shared the plans that they are aiming to fulfill with the help of Bitcoin. He revealed that the projects they are working on would be related to Bitcoin, but other sectors will be benefiting from that.
Bukele has revealed that they are aiming to allocate the funds generated through Bitcoin profits towards the development of the educational system in the country. They will be using the Bitcoin profits for building and opening new schools all over the country.
Bukele has revealed that they will be using the surplus of the profits they generate from the cryptocurrencies and Bitcoin for the education sector. They will start off by building several schools over the country. According to him, their first mission is to open up at least 20 schools that would be built through the profits or surplus generated from cryptocurrencies.
At present, Bukele is the only country that has adopted Bitcoin passing a legal tender against it. It is the only country that is now dealing with Bitcoin like a fiat currency.
Right after the launch of Bitcoin as a legal tender at the beginning of September 2021, the government faced a lot of backlash from the public. Even the regulatory authorities from around the world including International Monetary Fund (IMF).
Bukele had claimed that the adoption of Bitcoin as a legal tender would go a long way in strengthening the country’s economy. It will also strengthen the country’s presence among the rest of the countries around the world.
The country is aiming to get rid of all the loans and deficits that it currently owes to the IMF and aims to recover. With the utility of profits through cryptocurrencies, Bukele wants to strengthen the youth with higher education. In the coming months, more agendas are expected to be introduced by President Bukele.