Nayib Bukele is the President of El Salvador. He unveiled the many advantages that the legalization of Bitcoin in El Salvador. For example, he mentions the fact that tourism has jumped 95% in the country. He denounces the policies of central banks including the Fed and invites people to adopt decentralized solutions.
The Benefits of Bitcoin Legalization in El Salvador
On June 5, 2021, El Salvador enacted a law that would recognize bitcoin as legal tender in the country. It thus became the first country in the world to officially recognize bitcoin. Some thought it would encourage illegal activities and especially money laundering. However, we learned from CryptoPotato that the opposite effect has occurred.
” We’ve increased tourism by 95%, and that’s partly because of bitcoin. There are many bitcoiners who want to go to the country where bitcoin is legal, and we have bitcoin conferences. declared the president of El Salvador.
He went on to talk about other advantages of the country such as private investments from the Bitcoin community. More and more members of this community are coming to his country to hold conferences.
El Salvador vs. Central Banks
” The IMF, World Bank, Federal Reserve and Mainstream Media Hate That We Adopted Bitcoin said Bukele. He blames these centralized financial institutions for devaluing users’ wealth with their policies. In his view, Western consumers have already realized that centralized financial institutions are not worth it. They would therefore increasingly consider reorienting themselves towards the DeFi sector.
He goes on to praise bitcoin for its deployment around the world and its potential to correct economic inequalities. He claims that the queen of cryptos is even popular in countries where authorities have previously banned it.
El Salvador is a small Central American country with barely 6 million inhabitants and a rather quiet economy. The adoption of bitcoin in El Salvador could it have the same effect in a country of 60 million people with a very active economy ?
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