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Bitcoin is already a key factor in the economic recovery of Tourism in El Salvador

The Minister of Tourism confirmed that the Bitcoin Law has been the protagonist of the increase in the flow of visitors.

Morena Valdez, El Salvador’s tourism minister announced that tourism in the country has recovered by 81% in 2022, according to the World Tourism Organization. The official explained that the recovery was mainly due to 3 factors: the good handling of the coronavirus pandemic by the Government, the growth of foreign investments in the country and the adoption of bitcoin (BTC) as legal tender.

A few weeks ago, Valdez had already pointed out that tourism in El Salvador has grown by 30% since the Bitcoin Law came into force in September 2021. Despite the initial criticism and discussions with multiple financial organizations due to the initiative, its popularity led many “curious” people to come and take a closer look at the experience of having BTC in the financial system.

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“Tourists interested in the implementation of bitcoin have a longer stay and a larger expense. Before bitcoin there was a daily expense of USD 113 to USD 150, now it is up to USD 200 a day”, added the Minister of Tourism in dialogue with local media.

Finally, the official slipped that they expect a flow of 170 thousand people for the next long weekend of Easter, a figure that is close to the “pre-pandemic” levels of 2019. “This is equivalent to 161 million dollars in foreign currency”, he completed.

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