+82%, tourism explodes in El Salvador

Tourism is a key sector of the Salvadorian economy, as it contributes more than 10% of the GDP and provides jobs for more than 10% of the population. For many analysts, the performance of the sector should go crescendo over the next few years. This, thanks to the arrival of crypto-enthusiasts and the development of structuring projects such as Bitcoin City, a futuristic city that will spread over 7,466 hectares and will welcome bitcoiners from all over the world.

Towards a tourism boom thanks to bitcoin?

At the end of the first six months of the year, the Salvadoran tourism sector recorded growth of 82.8% compared to the same period last year. This corresponds to 1.1 million people having visited the country during this period. This is indicated by data recently published by the Ministry of Tourism.

Ricardo Cucalón, Director General of Migration and Foreigners, attributed this performance to the application of new security measures put in place by President Nayib Bukele. But according to many observers and analysts, the September 2021 adoption of BTC as legal tender has prompted many cryptocurrency enthusiasts to spend more time in the country.

To this end, at the beginning of the year and after a 30% growth in the number of incoming tourists since the legalization of BTC, President Bukele affirmed that: “this initiative has already transformed the image of El Salvador and caused a boom in tourism”.

According to a note from the Ministry of Tourism, El Salvador has become a benchmark for the resumption of tourism in the region. In 2021, the country generates 1.4 million visitors, after reporting half in 2020, due to the outbreak of Covid-19 and its impact on the global economy.

If it is currently difficult to specify what they represent in the wave of arriving tourists, everyone agrees that this growth will continue. This, thanks to the country’s efforts to become a BTC hub.

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Avatar of Luc José Adjinacou

Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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