El Salvador’s adoption of Bitcoin as legal tender in September of last year has accelerated an outstanding boost in its Gross Domestic Product (GDP) and for the local tourism improvement. Salvadoran President, Nayib Bukele recently declared that GDP has shown a growth of around 10 percent in 2021 As per Salvadoran Tourism Minister Morena Valdez, the tourism enterprise in El Salvador has soared more than 30 percent since the adoption of Bitcoin in 2021. Valdez said that they did a poll activity check and compared the results before the adoption of Bitcoin and after the adoption of Bitcoin. As a result, the adoption of Bitcoin has profited the Tourism Sector by more than 30 percent.
Valdez pointed out that the adoption of El Salvador’s Bitcoin has also influenced the tide of tourist holidays, boosting the volume of tourists from the United States. Previously, the majority of tourists were arriving from neighboring nations. Whereas now, around 60% of travelers visit from the United States. The minister added that El Salvador’s tourism growth has exceeded the government’s expectations, reaching 1.4 million visitors instead of 1.1 million tourists. The minister said the growth show in the tourism sector has surpassed the expectations of the government. There was a 0.3 million change in the tourists.
Valdez added that they had launched $800,000 in foreign exchange but, they attained more than $1,400 million of income in foreign currency. The news came to light after Salvadoran President Nayib Bukele declared that El Salvador’s GDP heightened by 10.3% in 2021. The country’s exports have also witnessed a rise of 13% year-over-year in the first month of 2022.
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