El Salvador’s Tourism Rises 30% After Bitcoin Became Legal Tender

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El Salvador’s Tourism Rises 30% After Bitcoin Became Legal Tender – El Salvador’s tourism has increased by more than 30% since bitcoin became legal tender, according to the country’s tourism agency.

The Salvadoran government noted, “Cryptocurrency enhances the opportunity to do business with more partners anywhere in the world.”

The government of El Salvador has underlined some of the economic benefits of adopting bitcoin as legal cash. In September of last year, the country’s bitcoin law went into effect, making BTC a national currency alongside the US dollar.

Also Read: Bank of Spain Governor Warns About Traditional Banking’s Exposure to Crypto Assets

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According to a note placed on the government website on Monday, “it was possible to recognize the advantages of having introduced innovation and financial independence” during the first months of bitcoin becoming legal tender in El Salvador.

According to the notice, tourism was one of the first sectors where it was feasible to see how bitcoin aided the country’s economy.

“The introduction of bitcoin boosted the sector,” Morena Valdez, the head of the Ministry of Tourism (MITUR), said. More tourists and investors have visited to learn more about cryptocurrencies.” She went on to say:

We conducted a poll to compare activity before and after the introduction of bitcoin. In November and December, the tourism sector grew by more than 30%.

“Expectations of recovery in this sector have been exceeded,” the tourism minister added, “because 1.1 million visitors were projected and 1.4 million were received.” Minister Valdez stated that the United States accounted for 60% of all visitors to El Salvador.

According to the notice on the government website, “cryptocurrency enhances the potential to do business with more partners anywhere in the globe” when combined with other measures undertaken by the Salvadoran government.

El Salvador’s Tourism Rises 30% After Bitcoin Became Legal Tender – According to El Salvador’s president, Nayib Bukele, adopting bitcoin as legal cash has helped the country’s GDP growth. He explained that after adopting the bitcoin law, El Salvador had its first double-digit GDP increase in history.

Also Read: UAE Prepares to Launch Nationwide Crypto Licensing System in Line with Global Standards

Last Saturday, Bukele tweeted:

El Salvador’s GDP increased by 10.3% in 2021. Before 2021, El Salvador has never seen double-digit GDP growth.

El Salvador’s “exports (a primary generator of economic growth) climbed 13 percent this January, compared to January 2021,” according to the Salvadoran president.

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