Hello everyone...
When it has been 6 months since the bitcoin law was passed in el salvador, many powerful countries and politicians, were against the salvador and mentioned that it was going to have negative consequences in their economy, since making a very unstable currency as the currency of a country is extremely dangerous.
But time has passed and instead of disadvantages, many benefits are being seen. For example, bitcoin bonds have been approved and so far have $500 million in verbal commitments, in addition the bitcoin city in El Salvador is also going at a good pace and a final benefit that El Salvador has seen is related to tourism. According to official data from the ministry of tourism in el salvador, tourism has increased by 30% since the bitcoin law was implemented in el salvador.
Morena Valdez, the director of the Ministry of Tourism of El Salvador. She has pointed out that the bitcoin law has brought more tourists and investors to the country, with associated benefits for the sector. Director Valdez mentioned that the tourism sector increased, in November and December, by more than 30%. This brought more than 1.4 million foreign tourists to El Salvador, which represents an increase in the receipt of foreign currency, approximately $1,462 million in foreign currency.
And another point to highlight is that up to 60% of the tourists come from the US, which is great news considering that El Salvador was on the US red list of the most dangerous countries to visit due to high criminality, but the fact that more than 800K tourists come from the US opens the possibility that tourists from European or Asian countries are interested in visiting El Salvador.
Another reform that is being applied in el salvador due to the large amount of tourists, is to offer citizenship to foreign investors, according to Bukele this would make el salvador a paradise of freedom:
I'm sending 52 legal reforms to congress, to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.
The plan is simple: as the world falls into tyranny, we'll create a haven for freedom.
SOURCE
To carry out the citizenship to investors, 52 legal reforms to Congress will be implemented, to eliminate red tape, reduce bureaucracy, create tax incentives. Just like Portugal, which has seen an increase in foreign investment when it implemented this measure.
My opinion on this is that it will be replicated in many countries with a weak or third world economy. If El Salvador is reaping so much success by implementing cryptocurrencies in its economy, the other Central American, African or Asian nations that have an unstable economy, will see cryptocurrencies as an excellent opportunity to grow and above all to be totally independent from the traditional financial system.
So we expect to see more important decisions regarding cryptocurrencies in the coming days, stay tuned, this is just the beginning.
