Felix Ulloa said that the legalization of Bitcoin in El Salvador dramatically restored the state’s economy during the COVID-19 pandemic and after it. By becoming legal tender, Bitcoin allows tourists entering the country to easily pay for goods and services without having to worry about currency exchange. Moreover, Bitcoin attracts not only tourists to El Salvador, but also cryptocurrency investors, Ulloa explained.
El Salvador, under the leadership of President Nayib Bukele, accepted Bitcoin as a means of payment in September 2021. The International Monetary Fund (IMF) criticized his actions, calling for him to abandon the introduction of Bitcoin. However, Bukele decided to continue experimenting with cryptocurrency, and this had a positive impact on the country, Ulloa emphasized.
“Without a doubt, tourism and the use of cryptocurrencies go hand in hand, they help build the future and revive our country. We attracted a lot of investors who actually settled in El Salvador,” Ulloa said.
Last year, Bukele said legalization of Bitcoin had boosted the country’s number of businesses, employment, energy production and exports, without raising taxes. So in March, Bukele encouraged foreigners to move to El Salvador, promising to eliminate taxes on tech companies to help the country become a global cryptocurrency hub.
Source: Bits
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