Thanks to BTC legalization, tourism in El Salvador has grown by 95%

In the fall of 2021, El Salvador became the first country in the world to legalize bitcoin. Over the past months, the country has developed a new infrastructure that allows you to buy almost everything with cryptocurrency.

Naturally, this state of affairs has also contributed to tourism, as emphasized by the country’s president, Nayib Bukelé. In a recent interview with Tucker Carlson Today, the head of state said that from mid-2021 to the present, the tourism industry in El Salvador has grown by 95%. And this is despite the fact that analysts at the World Population Review have recognized the country as one of the poorest in the world.

Interview with @TuckerCarlson pic.twitter.com/wZ1SWK85QH

— Nayib Bukele (@nayibbukele) March 5, 2023

Despite the skeptical forecasts of experts, El Salvador was visited by 300 thousand more tourists than usual in February. Interestingly, 60% of foreigners came from the United States. Bukele explains that the world is still «slowing down» with the global adoption of cryptocurrencies. El Salvador offers not only the possibility to pay for purchases with Cryptocurrencies, but also picturesque nature, relatively low prices, and a developed service sector.

In the interview, Buquele also mentioned another advantage — private investment. Conferences, meetings, and events attract large traders to the country who are ready not only to spend their money but also to invest it in the development of El Salvador.

The President of El Salvador admits that the country’s experiment with cryptocurrencies was a gamble. Nevertheless, even the International Monetary Fund (IMF) has admitted that none of the previously voiced risks have come true. It is worth noting that in addition to El Salvador, the Central African Republic (CAR) was also a pioneer in the adoption of cryptocurrency as a legal tender, with both countries equating the functionality of digital assets to fiat.

We would like to add that some countries currently recognize BTC as a means of exchanging goods and services. For example, in the United States, BTC is considered property and is taxed. However, these arguments are not enough for the IMF. on February 23, the IMF published a document in which it outlined various reasons for not accepting cryptocurrencies as a means of payment.