El Salvador tourism benefited after Bitcoin adoption, its tourism minister says
The minister said acceptance of Bitcoin has benefited El Salvador's tourism industry as visitors spend more time and money in the country now than before
- Apr 7, 2022,
- Updated Apr 7, 2022 12:35 PM IST
According to El Salvador's tourism ministry, the country's tourism industry has benefited significantly from the government's adoption of Bitcoin as legal tender.
In an interview with a local television news program, El Salvador's tourism minister, Morena Valdez, described the country's tourism sector's recovery following the COVID-19 slump.
The minister credited the country's economic recovery to three factors, one of which was the country's decision to recognise Bitcoin as legal cash.
Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins
Valdez explained that cryptocurrency enthusiasts spend more time and money in the country now than before as a result of the adoption of Bitcoin as legal tender.
Last year in September, El Salvador became the first country in the world to officially recognise Bitcoin as a legal tender, making it a viable option for payments of goods and services across the country.
Also Read: Maharashtra's Gadchiroli to issue caste certificates via blockchain platform Polygon
Following El Salvador's adoption of Bitcoin, interest in cryptocurrencies began to increase among governments throughout the world. Last month, the Swiss city of Lugano declared Bitcoin and Tether to be legal tender in the city further promoting the widespread adoption of cryptocurrencies. Other countries are taking a cautious approach, walking the crypto route via central bank backed CBDCs.
According to El Salvador's tourism ministry, the country's tourism industry has benefited significantly from the government's adoption of Bitcoin as legal tender.
In an interview with a local television news program, El Salvador's tourism minister, Morena Valdez, described the country's tourism sector's recovery following the COVID-19 slump.
The minister credited the country's economic recovery to three factors, one of which was the country's decision to recognise Bitcoin as legal cash.
Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins
Valdez explained that cryptocurrency enthusiasts spend more time and money in the country now than before as a result of the adoption of Bitcoin as legal tender.
Last year in September, El Salvador became the first country in the world to officially recognise Bitcoin as a legal tender, making it a viable option for payments of goods and services across the country.
Also Read: Maharashtra's Gadchiroli to issue caste certificates via blockchain platform Polygon
Following El Salvador's adoption of Bitcoin, interest in cryptocurrencies began to increase among governments throughout the world. Last month, the Swiss city of Lugano declared Bitcoin and Tether to be legal tender in the city further promoting the widespread adoption of cryptocurrencies. Other countries are taking a cautious approach, walking the crypto route via central bank backed CBDCs.