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- El Salvador announced last year that it would make Bitcoin tender legal. El Salvador became the first nation where anyone could walk into any organization or store and purchase anything using cryptocurrency.
- Six Months after its implementation of Bitcoin Agenda, El Salvador started experiencing a boost in its tourism industry.
- El Salvador wanted to be independent of any other currency or country, and that’s why it decided to implement Bitcoin throughout the country.
El Salvador’s drive in El Salvador has proved to be successful for the country as it has experienced a massive rise in tourism.
El Salvador Experiences Spike In Tourists As Side-Effect Of Bitcoin Agenda
Last year, El Salvador announced that it is making Bitcoin tender legal. With this move, El Salvador became the first nation to do so. As of right now, you can walk into any organization and store and buy any item with your digital currencies.
The country started experiencing a boost in tourism just six months after the nation declared the transactions legal in Bitcoin. Looking at El Salvador benefiting from their Bitcoin agenda, more countries and organizations are beginning to interest in crypto and exploring its use-cases. The head of the Ministry of Tourism in El Salvador, Morena Valdes, acknowledges in an interview that the implementation of Bitcoin has benefitted the industry. Curious tourists are coming in to see how cryptocurrency is being used in large numbers.
She further shared the results of the poll that they conducted before and after Bitcoin. The result shows the tourism sector has increased by 30% in November and December.
El Salvador’s intention behind adopting Bitcoin was to ensure zero dependencies in any other currency or country. El Salvador was largely dependent on USD till then. The company has introduced a new wallet system known as “Chivo” to enable the countrymen to access Bitcoin, the world’s leading cryptocurrency by market cap.
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Many Do Not Support El Salvador’s Bitcoin Agenda
While El Salvador was adopting Bitcoin, the International Monetary Fund (IMF) was asking the country to turn away from Bitcoin and reject cryptocurrencies as a whole. El Salvador President Nayib Bukele stood firm on his decision and even mocked the organization on Twitter. He said El Salvadore is an independent and sovereign nation that can efficiently make financial decisions.
Bukele is also in talks with the U.S congressmen, working to introduce a new bill that will not allow its bitcoin dealings if it intersects with American interests.