El Salvador, the first country to adopt bitcoin as a legal tender, has revealed that the cryptocurrency has bolstered its tourism sector by 30% since its recovery from COVID-19 pandemic.
Bitcoin Boosts El Salvador’s Economy
According to the country’s tourism minister, Morena Valdez, adopting Bitcoin has improved tourism in the nation as more tourists are visiting El Salvador to spend their BTC.
Valdez explained that legalizing Bitcoin in El Salvador has encouraged Bitcoin supporters to spend both time and money in the country.
#Bitcoin | “Con el uso del bitcóin, el turismo se ha incrementado en un 30 %”: ministra de Turismo (@MITURElSalvador), @MorenaValdezSV. pic.twitter.com/Aul8RL9TJn
— Secretaría de Prensa de la Presidencia (@SecPrensaSV) April 4, 2022
The minister attributed the country’s improved tourism sector to three things, with Bitcoin being among the list. She noted that adopting Bitcoin as a legal tender was a great decision from the government.
U.S. Proposes Bill to Tackle El Salvador
Since El Salvador’s Bitcoin adoption, the country has faced a series of backlash from global financial regulators and institutions.
In April, U.S. Congresswoman Norma J. Torres and Congressman Rick Crawford proposed a bill titled “Accountability for Cryptocurrency in El Salvador (ACES) Act” designed for El Salvador’s Bitcoin law.
As stated in the report, the bill would be passed to the State Department to study the possible risks El Salvador Bitcoin adoption could affect the economy, cyber security and democratic governance in the United States.
In a statement, Congresswoman Torres noted that El Salvador is an independent nation and should be allowed to make its own decisions.
“El Salvador is an independent democracy and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision, which appears to be a careless gamble rather than a thoughtful embrace of innovation,” she said.
Meanwhile, El Salvador President Nayib Bukele warned the U.S. senate to back off from the country’s internal affairs, adding that the United States has no jurisdiction in El Salvador as the volcanic nation is not within its colony.
