30% surge since Bitcoin law last September 2021
El Salvador’s economy has grown by 10 per cent, led by a surge in tourism, which has been linked to the country’s adoption of Bitcoin as legal tender in September last year.
Salvadoran Tourism Minister Morena Valdez has highlighted that the tourism industry has surged more than 30 per cent since the adoption of the Bitcoin law in September 2021.
Official data indicates that El Salvador’s adoption of Bitcoin as legal tender in September 2021 has triggered a notable surge not only for its gross domestic product (GDP) but also for the local tourism development.
TOURISM GROWTH EXCEEDS GOVERNMENT’S EXPECTATIONS
Valdez, speaking in an interview with the local news agency, El Salvador News English, said the tourism sector increased in November and December by more than 30 per ent. She noted that El Salvador’s Bitcoin adoption has also impacted the flow of tourist visits, increasing the number of tourists coming from the United States.
It was noted that prior to the Bitcoin law enactment, the majority of visitors was coming from neighbouring countries in the Central American isthmus but now, as many as 60 per cent of tourists come from the United States.
The tourism minister explained that El Salvador’s tourism growth has exceeded the government’s expectations, reaching 1.4 million visitors instead of 1.1 million tourists.
According to her, “we had projected US$800 million in foreign exchange but we obtained more than US$1,400 million of income in foreign currency.”
Comments