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El Salvador’s tourism industry benefits from Bitcoin adoption

Saturday, April 9, 2022

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El Salvador’s tourism ministry said that the country’s tourism industry has benefited considerably from the government’s acceptance of Bitcoin as legal tender.


El Salvador’s tourism minister, Morena Valdez, spoke about the country’s tourism sector’s recovery after the COVID-19 debacle.


The minister credited El Salvador’s economic recovery to three factors, among which is the country’s decision to become familiar to Bitcoin as legal cash.


Valdez explained that cryptocurrency supportersnow spend more time and money in the country due toadopting Bitcoin as legal tender.


Globally, El Salvador became the first country last year in Septemberto officially recognize Bitcoin as a legal tender, making it a feasible option for paying for goods and services across the country.


After El Salvador’s approval of Bitcoin, interest in cryptocurrencies started increasing among governments throughout the world. Last month, the Swiss city of Lugano declared Bitcoin and Tether to be legal tender in the city thereby promoting the widespread acceptance of cryptocurrencies. Other countries are taking a cautious approach as well.

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