The El Salvadoran government has outlined some economic benefits of adopting bitcoin as an optional legal tender. The Central American country’s bitcoin law went into effect in September last year, making bitcoin a national currency alongside the U.S. dollar. A notice posted on the government website Monday explains that during the first months of bitcoin being legal tender in El Salvador, “it was possible to identify the advantages of having added innovation and financial freedom.”
“The implementation of bitcoin has benefited the sector.”
According to a notice posted on the government website Monday, during the first months of bitcoin being legal tender in El Salvador, “it was possible to identify the advantages of having added innovation and financial freedom.” The notice adds that tourism was one of the first sectors where it was possible to verify how bitcoin has helped the country’s economy. The head of the Ministry of Tourism (MITUR), Morena Valdez, commented: “The implementation of the cryptocurrency benefited the sector. More tourists and investors have come to see how cryptocurrency works.”
In November and December, the tourism sector increased more than 30%.
Valdez said, “We did a poll to check the activity before and after bitcoin. In November and December, the tourism sector increased more than 30%” The tourism minister continued: “Expectations of recovery in this sector have been exceeded since 1.1 million visitors had been projected and 1.4 million have been received.” Minister Valdez noted that 60% of the visitors to El Salvador came from the U.S. The notice on the government website also noted that together with other initiatives undertaken by the Salvadoran government, “cryptocurrency multiplies the opportunities to do business with more partners anywhere in the world.”