El Salvador’s president, Nayib Bukele, unveiled a proposal on June 5, 2021, that would make Bitcoin legal tender in the nation. As a result, El Salvador became the first nation to accept Bitcoin as a legal currency.
It was widely recognized as the first time a country used a volatile currency as a legal tender. However, many slammed Bukele’s move, stating that it would lead to increased money laundering and illicit behavior.
However, Bukele has a different opinion regarding this, as he recently spoke about various things, including the benefits of legalizing Bitcoin, in his recent interview on “Tucker Carlson Today”. One primary benefit that Bukele highlighted was the visible spike in tourism in the country.
Legalizing Bitcoin had a drastic effect on El Salvador’s tourism
Speaking of legalizing Bitcoin in the country, Bukele stated that it definitely had some advantages in the new economic system that is in the works. Bukele also mentioned that legalizing BTC has also increased tourism by 95%.
El Salvador’s president continued his conversation on various benefits, including private investments, and also how the country was attracting Bitcoiners because of various conferences, with the primary reason being the legalization of BTC.
Bukele also earned the support of the Bitcoin community once he embraced the “king of cryptocurrencies” and legalized it. Even though he received quite some backlash for his decision, other countries are also beginning to understand the value of cryptocurrencies. This is evident from the stance and development of various nations toward embracing blockchain and cryptocurrencies.