Despite all the detractors, a country’s tourism has increased by 30% thanks to the adoption of Bitcoin cryptocurrency

The government of El Salvador recently outlined some of the economic benefits to be gained from adopting bitcoin in legal tenders. The country’s bitcoin law went into effect last September, making the cryptocurrency the national currency alongside the US dollar.

And an announcement posted on the government website on Monday explained that in the first months of Bitcoin being legal tender in El Salvador, it “could identify the advantages of having additional innovation and financial freedom” . The announcement also adds that tourism is one of the first areas where it can be demonstrated that bitcoin has helped develop the country’s economy.

The head of the country’s Ministry of Tourism, Ms. Morena Valdez, commented: “The implementation of Bitcoin benefits the industry. Many tourists and investors have come to see how cryptocurrencies work.”

“We did a poll to examine the pre- and post-bitcoin activity. The travel industry grew by more than 30% in November and December,” she added.

The Tourism Minister also said that “expectations for recovery in this sector have exceeded expectations”, as they were only expected to receive about 1.1 million visitors but actually received up to 1.4 million visitors. guest. Minister Valdez also noted that 60% of visitors to El Salvador come from the US. In the past, most tourists to El Salvador were from neighboring Central American countries.

The announcement on the government website adds that along with other initiatives undertaken by the Salvadoran government, “cryptocurrency has multiplied business opportunities with more partners anywhere in the world.”

According to the president of El Salvador, Nayib Bukele, the adoption of Bitcoin as a legal tender has also boosted the country’s GDP growth. He explained that El Salvador achieved double-digit GDP growth for the first time in its history after the country passed a Bitcoin law. Bukele shared on Twitter last Saturday:

“El Salvador’s GDP to grow 10.3% in 2021… El Salvador has never had double-digit GDP growth before 2021.”

Furthermore, he also noted that El Salvador’s “exports (the main driver of economic growth) grew 13% this January, compared to January 2021”.

The president of El Salvador – who has now become a social media star following the introduction of the Bitcoin law – has been buying Bitcoin regularly in recent months, showing his long-term expectations for the cryptocurrency. El Salvador currently claims to hold a Bitcoin amount of 1,801 coins, or about $68 million.

Refer to Bitcoinnews