Legal Bitcoin Becomes a Payment Tool, El Salvador Tourism Gets a Profit

Legal Bitcoin Becomes a Payment Tool, El Salvador Tourism Gets a Profit

global.gerbangindonesia.org -Legal Bitcoin Becomes a Payment Tool, El Salvador Tourism Gets a Profit

El Salvador says the country’s experiment with legalizing Bitcoin is going well. The government noted there has been a 30 percent jump in the tourism sector since deciding cryptocurrency as a legal tender. In addition, there will also be a double-digit increase in GDP in 2021.

The Central American country’s tourism minister, Morena Valdez, said this week tourism has surged 30 percent since El Salvador passed a law making Bitcoin legal as a means of payment last September.

“There were about 1.4 million visitors, exceeding the government’s expectation of 1.1 million tourists, and Americans accounted for 60 percent of visitors,” Valdez said, as quoted by Yahoo Finance, Friday (4/3/2022).

While the Bitcoin law is likely to attract some new crypto-savvy tourists to El Salvador, it has also given the country a headache over the price of Bitcoin.

Full of Secrets

Legal Bitcoin Becomes a Payment Tool, El Salvador Tourism Gets a Profit

The process of how El Salvador buys Bitcoin is largely shrouded in secrecy, and the government’s Bitcoin addresses are secret.

The government claims it has USD 150 million in state-owned bank Bandesal to back its Bitcoin holdings, but has not disclosed any details beyond that.

This secrecy is also a problem because the future of El Salvador’s economy could depend on the success of the legislation to legalize Bitcoin as a means of payment.

Related posts

Leave a Reply

Your email address will not be published.