El Salvador to Provide Information About Bitcoin in Salvadoran Public Schools

By Karla Ramos  |  Mar 19th, 2024
Image by Gerd Altmann from Pixabay

The Salvadoran Ministry of Education will provide grade school students in public schools with educational material about Bitcoin, which is legal tender in the country, along with the US dollar.

“This great opportunity will let me share Bitcoin knowledge in public schools in Bitcoin country,” remarked Jose Mauricio Pineda, the Minister of Education of El Salvador, in his X social media account.

According to information provided by the state Bitcoin Office, the educational material will be developed by Mauricio Pineda of the Salvadoran Minister of Education; John Dennehy of My First Bitcoin; Mario Jose Flamenco of CUBO+; and Lina Seiche of the little holder.

In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, along with the US dollar. However, as of 2024, only a small percentage of the population has used Bitcoin.

Bitcoin, the world’s most utilized cryptocurrency, surged to a new peak last week, surpassing $73,000.

In the same week Bitcoin set a new record, President Nayib Bukele announced that the Salvadoran Government had transferred “a large part” of the crypto assets accumulated by the country to a “cold wallet,” which was to be held in a physical location within the country.

Utilizing a cold wallet minimizes the risk of hacking by storing Bitcoins offline and away from internet connectivity.

SEE ALSO: El Salvador Bitcoins: A Nation’s Journey into Digital Currency

As of the present date, El Salvador possesses 5,693.75 Bitcoins, valued at $357,755,290, based on the current price of Bitcoin.

In 2024, the Salvadoran Government is expected to issue Bitcoin bonds, known as Volcano Bonds, for 1,000 million dollars to finance the construction of Bitcoin City in the eastern part of the country.

The Volcano bonds were announced by the Bukele administration in 2022; however, it was delayed as the Bitcoin price fell to under $20,000.

Recommended: In a historic move, El Salvador became the first country to adopt Bitcoin as legal tender in September 2021; this decision aimed to foster financial inclusion within the country and leverage technology for economic growth.