Reading time: ~2 m
El Salvador uses part of the profits from bitcoin transactions to build a veterinary clinic. This was announced by President Nayib Bukele on October 10.
By the way, we’re not selling any #BTC, we’re are using the USD part of the trust, since the #BTC part is now worth more than when the trust was established.
— Nayib Bukele ???? (@nayibbukele) October 10, 2021
“We will start building a veterinary clinic using the profits from BTC. By the way, we do not sell bitcoin, but use the dollar part of the trust, since the cryptocurrency stored on its balance sheet is now worth more than at the time of creation,” Bukele wrote.
At the end of August, the Finance Commission of the Legislative Assembly of the country agreed to create a fund worth $ 150 million to ensure the exchange of bitcoin and dollars.
According to Bukele, there was an “accounting problem” in the trust. Against the background of the growth of bitcoin quotations, a surplus of $ 4 million appeared in the structure, which the “state-owned Chivo fund management company” can dispose of without affecting its volume.
“On balance [траста] bitcoins and US dollars are stored. By maintaining the same number of BTC, even if the amount of USD decreases, we can invest $4 million in some project,” the president explained.
Earlier, the state started mining the first cryptocurrency based on geothermal volcanic energy. Bukele noted that engineers are still testing and installing equipment.
Recall that the founder of Ethereum Vitalik Buterin called the legalization of bitcoin in El Salvador “recklessness”.
#Salvador #direct #profits #bitcoin #transactions #construction #veterinary #clinic