Bitcoin initiator President of El Salvador, Nayib Bukele, has made an announcement revealing that the surplus earned from the national Bitcoin Trust fund will be utilized towards community service projects such as the building of hospitals, schools, community centers, orphan homes etc. To start with he has directed the officials concerned to take out US$ 4 Million from the fund and utilize the same towards developing a medical facility-cum-hospital for pet and rescued animals.

El Salvadoran President Nayib Bukele is these days renowned as the “Bitcoin initiator”. This name has been attributed to him since he successfully merged Bitcoin into country’s economy as local currency. After legalization of Bitcoin, Bukele has taken several steps which include purchasing of Bitcoins during the dip, which earned profits to the country. Other than that he had launched Bitcoin mining facilities by utilizing natural energy source generated from volcanoes. In addition, he had launched a national Bitcoin Trust Fund, which is also earning generous amount of surplus.

Now the President has made an announcement revealing that the surplus amount generated from the fund will be utilized towards community projects. He said that the extra Bitcoin money will be used to establish hospitals, schools, community centers, orphan homes etc. For this purpose, Bukele has already earmarked a project for which he has dedicated an amount of US$ 4 Million from the surplus. He has informed that the money will be used to develop a medical facility-cum-hospital for the pet and rescued animals.

Bukele informed that due to latest surge in Bitcoin’s value, FIDEBITCOIN has more than US$4 Million as surplus is lying in it.

The national Bitcoin trust fund of El Salvador is called “FIDEBITCOIN” which is managed by a government entity named “Chivo”. Chivo has been granted permission to take out the surplus and utilize the same towards building a vet hospital.

He also discussed the design of the vet project which he has sanctioned to be built as soon as possible. He told that the hospital would have at least dozen offices and comprise of emergency facilities in 4 emergency centers. There will be a maximum of 4 operation theatres plus a rehabilitation center where the treated animals will be kept. At a time, the hospital will be able to provide hospitalization facilities to more than 380 animals requiring medical assistance.

But it seems building a vet hospital is not enough for President Bukele to attract criticism. A large number of people in El Salvador are accusing him of mishandling public funds. With respect to the vet project, his criticizers have called upon an unbiased and neutral audit of the national Bitcoin fund. This led Bukele to respond to criticizers and stating that none of the Bitcoin funds have been sold out of the fund. Instead, it is the surplus which is being utilized for community building, said President Bukele.

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