El Salvador says tourism has grown 30% since adopting Bitcoin (BTC)

Bitcoin (BTC) Adoption Draws Tourists to El Salvador

El Salvador welcomes the adoption of Bitcoin (BTC) as legal tender. According to Morena Valdezthe Salvadoran Minister of Tourism, the entry into force of the “Bitcoin Law” in September 2021 gave a boost to the tourism industry.

“We conducted a survey to measure activity before and after Bitcoin adoption. The tourism sector increased in November and December. It has increased by more than 30%”, assures Morena Valdez in an interview relayed by the local press agency El Salvador News English.

Faced with the health crisis, the Salvadoran authorities did not expect to welcome more than 1.1 million visitors over the period. Ultimately, 1.4 million tourists visited El Salvador between November and December 2021.

The minister assures that the adoption of cryptocurrency as a second legal tender has helped to attract tourists who would never have considered a trip to El Salvador. Before the Bitcoin law, most tourists came from neighboring countries. Now, 60% of visitors come from the United States. This change is also reflected in the revenues of the tourism industry.

“We had planned 800,000 dollars in foreign currency; but we got over $1.4 million in foreign currency revenue”emphasizes Morena Valdez.

👉 Discover our guide – How to buy Bitcoin (BTC) in 2022?

Cryptocurrency, an asset to revive tourism?

In front of the Salvadoran press, the minister presents the queen of cryptocurrencies as a formidable asset for the tourism industry. According to Morena Valdez, the legislation born under the impulse of Nayib BukelePresident of El Salvador, is also attracting investors from the digital currency sector.

“The establishment of Bitcoin has benefited the sector, more tourists and investors have come to see how the cryptocurrency works”says the Minister of Tourism.

To attract investors to El Salvador, Nayib Bukele has implemented several major measures in recent months. In particular, the president has pledged to exempt foreign investors from tax on profits made in Bitcoin. The leader also plans tooffer citizenship individuals who invest in the country.

Morena Valdez’s speech comes shortly after Nayib Bukele revealed that El Salvador’s gross domestic product (GDP) increased by 10.3% in 2021. Regularly the target of international criticism, the president makes every effort to defend the decisions made last year, including the adoption of Bitcoin.

“Exports (the main engine of economic growth) increased by 13% in January, compared to January 2021. […] Incidentally, El Salvador never experienced double-digit GDP growth before 2021”says Nayib Bukele on his Twitter account.

Inspired by the example of El Salvador, the Tourism Authority of Thailand is turning to cryptocurrencies to revive the industry, which has been at half mast since the health measures against Covid-19. The organization wants attracting crypto-asset holders to Thailand by facilitating cryptocurrency payments. Despite regulatory hurdles, the Tourism Authority also has ambitions to launch its own stablecoin.

👉 On the same topic – El Salvador’s Chivo wallet now available in Europe – An entry route for the diaspora?

Sources : El Salvador News English, Twitter

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