El Salvador to fund veterinary hospital using bitcoin, president says

It is the first country in the world to recognise the cryptocurrency as legal tender.
Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin (REUTERS)
Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin (REUTERS)
Published on Oct 10, 2021 10:00 AM IST
Copy Link
Reuters |

El Salvador will invest some of the $4 million gains it has obtained from its bitcoin operations to build a veterinary hospital, President Nayib Bukele said on Saturday.

Bitcoin lost almost 10% of its value on Sept. 9, after the Central American nation became the first worldwide to authorize the cryptocurrency as legal tender. But it has surged more than 30% in the past week to its highest levels since May.

The Bitcoin Trust, which Congress authorized in August, with a balance of $150 million, now has a "surplus" of $4 million, Bukele said.

"So we decided to invest a part of that money in this: a veterinary hospital for our furry friends," Bukele wrote on Twitter.

Bukele said the veterinary hospital would services for basic and emergency care as well as rehabilitation.

 

 

SHARE THIS ARTICLE ON
Close Story
SHARE
Story Saved
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, January 24, 2022