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Thursday, June 1, 2023

Tourism Minister of El Salvador Reiterates Effect Bitcoin Has Had on the Sector

Tourism Minister of El Salvador Reiterates Effect Bitcoin Has Had on the Sector – El Salvador’s tourism minister, Morena Valdez, has remarked on the country’s tourism sector’s resurgence following the Covid-19 outbreak.

According to Valdez’s comments, the adoption of bitcoin as legal tender in the country, as well as the foreigners who travel to the country for bitcoin-related purposes and business, has considerably helped tourism.

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Valdez claimed during an interview on a local TV news channel:

“According to the World Tourism Organization, by 2022, we have recovered 81%. They had predicted that 2024 would be year zero.”

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Three things, according to the minister, have contributed to the rebound. The first has to do with the country’s handling of the Covid-19 outbreak, which has strengthened the confidence of visitors, and the second has to do with investments resulting from the country’s and its economic movements generating interest in foreign markets.

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The third factor is the use of bitcoin and the increased interest it is generating in the country. The minister previously cited the rise in tourism to the use of bitcoin, claiming that it had aided a 30 percent increase in the sector. This assertion was reaffirmed by the minister, who also shared the February data.

Valdez did, however, provide new information on how the adoption of bitcoin has altered the behavior patterns of visitors to the country.

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Valdez stated:

“Tourists interested in bitcoin implementation will have to stay longer and spend more money. Before bitcoin, everyday costs ranged from $113 to $150, but now they have reached $200.”

While the introduction of the Bitcoin Law, which made bitcoin legal tender in the country, was slammed for being imposed on the populace in a hasty manner, Valdez claims that it has aided the tourism sector.

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