El Salvador’s use of Bitcoin (BTC) as legal tender in September 2021 caused a notable increase not only in the Gross Domestic Product (GDP) but also in the development of local tourism.
El Salvador’s tourism industry has grown by more than 30% since the adoption of the bitcoin law in September 2021, according to Salvador’s Tourism Minister Morena Valdes.
“We conducted a survey to check activity before and after bitcoin. The tourism sector increased in November and December. This increased by more than 30%,” Valdes said in an interview with local news agency El Salvador News English on Monday.
Valdez noted that the adoption of bitcoin in El Salvador has also affected the flow of tourist visits, resulting in an increase in the number of tourists from the United States. Before the adoption of the bitcoin law, most visitors from neighboring countries came to the Central American isthmus. According to her, 60% of tourists now come from the United States.
The minister added that the growth of tourism in El Salvador exceeded the expectations of the government, reaching 1.4 million tourists instead of 1.1 million tourists.
“We targeted $800,000 in foreign currency, but received more than $1.4 trillion in foreign currency earnings,” Valdez said.
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The news comes shortly after El Salvador’s President Neb Bukele announced that El Salvador’s GDP grew by 10.3% in 2021. The country’s exports, the main driver of economic growth, also increased by 13% year-on-year in January 2022.