El Salvador Says BTC Has Contributed to Country’s Recovery

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According to El Salvador’s Vice President Felix Ulloa, the country’s decision to adopt the first cryptocurrency as legal tender in 2021 was crucial for its recovery from the crisis.

In an interview with Forbes, Ulloa highlighted the Bitcoin integration program aimed at combating street gangs and strengthening security as key factors in the recent tourism boom.

He stated that the adoption of cryptocurrency has made it more convenient for tourists to pay for goods and services, eliminating currency exchange problems.

The Vice President also emphasized that the integration of Bitcoin has attracted new investors to El Salvador, with over 80 companies from the Bitcoin industry currently operating in the country.

Ulloa also noted the rise in cryptocurrency mining, citing the Volcano Energy project backed by the government and involving Tether as one of the pioneers.

Furthermore, Ulloa highlighted that El Salvador’s focus on new technologies and the improvement in crime rates have led to partnerships with internet giants Google and Meta, who are showing interest in collaborating with the country.

These partnerships were further facilitated by the implementation of a law that offers tax incentives for technology companies, as explained by Ulloa.