Salvador: the tourism sector has grown by 30% since the adoption of Bitcoin

Salvador adoption of Bitcoin

The president of the Central American country, Nayib Bukele, recently announced a record GDP growth of 10.3 percent in 2021.

El Salvador is receiving an increasing number of visitors. The government, which proclaimed Bitcoin its official currency in September, is already reaping the rewards of its choice.

According to Morena Valdez, Minister of Tourism, the tourism industry’s revenue has increased by 30% since BTC was implemented.

“We conducted a study to determine what happened before and after Bitcoin.
In November and December, the tourism industry grew.
It has grown by more than 30%,” said the president in an interview with El Salvador’s English-language media on Monday.

El Salvador adoption of Bitcoin

Ms. Valdez explained that the adoption of Bitcoin has significantly increased the number of visits, especially from the United States, which now corresponds to 60% of entries. The president of the Central American country, Nayib Bukele, recently announced a record GDP growth of 10.3 percent in 2021.

El Salvador is receiving an increasing number of visitors.

The government, which proclaimed Bitcoin its official currency in September, is already reaping the rewards of its choice. According to Morena Valdez, Minister of Tourism, the tourism industry’s revenue has increased by 30% since BTC was implemented.

“We conducted a study to determine what happened before and after Bitcoin. In November and December, the tourism industry grew. It has grown by more than 30%,” said the president in an interview with El Salvador’s English-language media on Monday.

Before the introduction of the “Bitcoin Law”, the majority of tourists came from neighboring countries such as Guatemala, Honduras or Nicaragua. The minister said tourism growth had exceeded government projections, with 1.4 million visitors in 2021 compared to the 1.1 million forecast. “Bitcoin implementation benefited the industry, it brought in more tourists and investors who wanted to see how cryptocurrency worked,” she added. These statements come days after Nayib Bukele, President of El Salvador, announced GDP growth of 10.3% in 2021. The country’s exports, one of the main drivers of this growth, increased by 13% over a year in January 2022.

El Salvador adoption of Bitcoin

“El Salvador has never recorded double-digit growth before 2021,” said the leader.

History of Bitcoin in El Salvador

Since a law passed in June 2021, bitcoin has been legal tender in El Salvador, making it a payment instrument that merchants cannot normally refuse, when a customer wants to pay with it. Does this country offer bitcoin fertile ground, will the population make it a currency?

Two currencies are legal in El Salvador today: the US dollar and bitcoin. With the majority of his New Ideas party in Parliament, Salvadoran President Nayib Bukele voted within an hour on June 9, 2021, for a law giving Bitcoin legal tender. The law came into force in last September. Since then, merchants in El Salvador do not have the right to refuse payment in bitcoins. This goes beyond mere legalization: a downloadable application, dubbed “Chivo!” (“Super”), provided by the public authorities, allows users to obtain bitcoins without having to store them themselves on their smartphone and pay with it, by connecting to it.

To encourage the installation of this application, the State offered 30 dollars to each user, which represents approximately 10% of the average monthly income of a Salvadoran. Sellers without a smartphone or without internet access are still be able to invoke this technical problem for some time to not accept bitcoins as payment.

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