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The President of El Salvador â Nayib Bukele â disclosed that the countryâs tourism sector has increased by 95% since it embraced bitcoin as an official means of payment.
He criticized some central banking institutions, including the Federal Reserve, claiming their policies have washed out a big chunk of peopleâs savings. As such, Bukele expects a lot of individuals from the West to focus on decentralized financial instruments.
âWe Get Some Rebrandingâ
El Salvadorâs political leader outlined in a recent interview the most important advantages which adopting bitcoin as a legal tender brought to his nation. First, it made the Latin American country much more attractive to travelers, boosting tourism by approximately 95%.Â
âWe have increased tourism by 95%, and thatâs in part because of bitcoin. Thereâs a lot of bitcoiners that want to go to the country where bitcoin is legal tender, we have bitcoin conferences.â
President Nayib Bukele, Source: Reuters
El Salvadorâs Minister of Tourism â Morena Valdez â said nearly a year ago that the local tourism industry went up 30% in the first three months after embracing BTC. She explained that the nation has become highly popular with Americans, who accounted for 60% of all visitors.
Bukele maintained in his appearance that El Salvador has received âa lot of private investmentsâ since jumping on the bitcoin bandwagon.Â
The 41-year-old politician argued that one of the most fundamental benefits which the initiative has caused is ârebrandingâ the countryâs legacy. The small Central American state was primarily known as one of the most violent places across the globe, reaching a peak of 103 killings per 100,000 residents a few years ago.
Against Central Banks
Bukele also criticized the actions of numerous central banks, such as the US Federal Reserve, blaming them for devaluating peopleâs wealth and erasing their savings.Â
In his view, consumers in the Western world have already realized that dealing with centralized financial institutions is not worthwhile and will soon reorient towards the DeFi sector.
He praised bitcoin for its global distribution and potential to fix economic inequity, claiming it is even popular in countries where the authorities have previously prohibited it.Â
âYou canât ban it. Itâs uncensorable.â
Tronâs Founder â Justin Sun â recently suggested that many Chinese residents remain intrigued by the cryptocurrency industry, although the government forbade such activities in 2021. He went even further, predicting the native token of his project â TRX â could become legal tender in the most populous country.
The post President Bukele Explains How El Salvador Benefited From Legalizing Bitcoin appeared first on CryptoPotato.
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