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El Salvador’s Vice President, Félix Ulloa, has expressed his belief that Bitcoin’s adoption is playing a pivotal role in the country’s economic and political resurgence.
In a new interview with Forbes, Vice President Ulloa described it as a driving force behind a transformation that is fueling tourism, investment, and economic growth.
Ulloa stated, “Without a doubt, tourism and the use of digital currencies go hand in hand and are a sign of that future and the rebirth of our country.”
He went on to emphasize that Bitcoin’s adoption has facilitated an open and borderless financial system, unlocking new opportunities for Salvadorans and the nation as a whole that have outweighed an increase in international criticism.
“There were reactions in both directions. Some multilateral organizations initially made objections. Still, the enthusiasm that started in the sphere of the digital economy, with bitcoiners, where El Salvador, having positioned itself as the first country to adopt a cryptocurrency as legal tender, was at the forefront and attracted many investors who are in fact installed in Salvador,” he explained.
El Salvador’s journey into the world of Bitcoin gained significant attention when it became the first country to adopt Bitcoin as legal tender in September 2021. This historic move, driven by President Nayib Bukele, enabled citizens to transact in Bitcoin, fostering financial inclusion and providing access to a global financial ecosystem.
The combination of financial inclusion, tourism growth, and increased investment demonstrates the potential of cryptocurrency to stimulate economic development and inspire other nations to explore innovative approaches to their economic and financial systems.
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