El Salvador, the first country in the world to adopt bitcoin as legal tender, stands out on the global economic stage. The country’s vice president, Felix Ulloa recently spoke on this topic and attributed the country’s economic boom to Bitcoin and innovative government policies.
Contrary to the initial expectations of many analysts and government agencies, such as the IMF, which criticized EL Salvador and recommended that the country abandon Bitcoin, the adoption of Bitcoin has proven to be a wise move that has attracted significant investments.
The country’s bonds delivered a 70% return in 2023, putting it among the top emerging markets.
With the economy growing, El Salvador’s President Nayib Bukele issued a lengthy outburst early this year against those who doubted bitcoin’s adoption. The president made it clear that Bitcoin adoption has not harmed the country. In other words, despite the criticism, the government continued to work and pay off its debts.
“Last year, almost every mainstream international media outlet said that El Salvador would default on its debt by January 2023 because of our “bet on Bitcoin.”he began, adding another tweet: “Well, we just paid the full amount, $800 million plus interest. But of course, almost no one reports on the story. I just found one, yes ONE, in Spanish, from Colombia. They lie and lie and lie, and when their lies are exposed, they remain silent.”
Bitcoin is responsible for the ‘rebirth’ of El Salvador
El Salvador’s prominent role in the global cryptocurrency ecosystem is evidenced by the interest of more than 80 companies in the sector to operate within its borders.
Recognized companies, such as Strike and Fold, have already expressed expansion plans for the Central American country. In addition, the country is investigating sustainable bitcoin mining Volcano energy first.
El Salvador not only has a digital economy, but it has also attracted the attention of technology giants Googling It is Goal. Both companies are looking for ways to operate in the country.
At Google the focus is on “modernization and digitalization of the government of El Salvador”an initiative that also aims to combat corruption.
Another area that has seen explosive growth is tourism, according to Vice President Ulloa, who believes that the adoption of bitcoin has made life easier for tourists, eliminating the need to worry about exchange rates while enjoying of everything El Salvador has to offer.
“Tourists now find transactions easier and avoid the complexity and costs associated with currency conversions. It’s a win-win situation for everyone.” commented.
Ulloa further stated that tourism and the use of Bitcoin go hand in hand and are a sign of the future and the future rebirth of the country.
He ended his Forbes interview with a sense of optimism and determination: “El Salvador is just getting started. Bitcoin adoption, our ongoing fight against gang violence, and technology partnerships put us on the map in a big way. The future looks bright and we are ready for it.”
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
