- 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.