Cryptheory: Crypto and Internet

cryptocurrency and internet meaning, guides, learning

BTC makes tourism jump 30% in El Salvador

2 min read


Although it became a target of the International Monetary Fund (IMF) it’s from leaders of the United States due to the adoption of BTC as a legal tender, El Salvador is already reaping the rewards of this initiative.

The country’s tourism sector grew by around 30% due to the pioneering move to adopt BTC.

According to Morena Valdez, head of the Ministry of Tourism of El Salvador (MITUR), the implementation of BTC has attracted more tourists and investors to the country, with related benefits for the sector.

“We did a poll to check the activity, according to the before and after of BTC. The tourism sector increased, in November and December, by more than 30%”, said Valdez to a report by Forbes, shared by the President of El Salvador, Nayib Bukele on his Twitter account.

As the Forbes article highlights, BTC multiplies business opportunities with partners anywhere in the world. Consequently, this generates momentum for the economy in a sustained way, in the long term.

One of the goals set by the Salvadoran Government is to provide financial freedom for citizens through BTC.

Citizenship for foreign investors

But it’s not just Salvadorans who have the chance to achieve financial freedom. In the last week, Bukele tweeted about his plan to make the country “a paradise of freedom”.

He proposed to Congress 52 legal reforms, including offering citizenship to foreigners in exchange for investments, including in cryptocurrencies.

“I am sending 52 legal reforms to Congress, to reduce bureaucracy and create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc. The plan is simple: as the world falls into tyranny, we will create a paradise of freedom.”

US interference

Bukele recently rebutted the concern of US senators with BTC, after they introduced legislation focused on the adoption of BTC by El Salvador.

If the law is passed, a document should be created that, among other things, would investigate El Salvador’s bilateral economic and trade relationship with the US, as well as the potential reduction in the use of the dollar in the country.

In addition, the report would analyze the possibilities of El Salvador using cryptocurrency to circumvent possible US sanctions.

In response, Bukele stated that El Salvador is not a US colony:

“Okay, boomers. You have no jurisdiction over a sovereign and independent nation. We are not your colony or your backyard. Stay out of our internal affairs. Don’t try to control something you can’t control.” tweeted the president.

Kraken – review and guide

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published. Required fields are marked *