🥇 First rule of investing? Know when to save! Up to 55% off Investing Pro before BLACK FRIDAYCLAIM SALE

El Salvador President Highlights Advantages Over Bitcoin Adoption

Published 06-03-2023, 02:01 pm
Updated 06-03-2023, 04:16 pm
© Reuters.  El Salvador President Highlights Advantages Over Bitcoin Adoption
BTC/USD
-

  • El Salvador has been the pioneer in officially recognizing Bitcoin as a legal tender.
  • Bukele said that the legalization of Bitcoin has resulted in a 95% rise in tourists.

President Nayib Bukele of El Salvador introduced legislation on June 5, 2021, that would recognize Bitcoin as legal money in the country. Since then, El Salvador has been the pioneer in officially recognizing Bitcoin as a legal tender.

That was the first time in history that a government had officially adopted a currency with such a high degree of volatility. Quite a few criticized Bukele’s action, saying it would encourage more illegal activity and money laundering.

Several Advantages Listed

In contrast, Bukele recently expressed a divergent viewpoint in an appearance on “Tucker Carlson Today,” where he discussed a wide range of topics, including the advantages of Bitcoin legalization. Bukele cited the obvious increase in tourism as one of the most significant advantages.

Bukele, when asked about the potential benefits of legalizing Bitcoin in the nation, said that it would fit in well with the emerging economic structure. Bukele said that the legalization of Bitcoin has resulted in a 95% rise in tourists.

The president of El Salvador went on to discuss the nation’s many advantages, such as private investment and the fact that the country is drawing Bitcoiners for conferences thanks to the currency’s recent legality.

As Bukele recognized Bitcoin as the “king of cryptocurrencies” and made it legal, he gained the backing of the Bitcoin community as well. Some people disapproved of his move, but other nations are starting to see the importance of bitcoin and other cryptocurrencies. This may be seen in the attitudes of different countries and their progress towards adopting blockchain and cryptocurrencies.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.