You may recall that Nayib Bukele, the president of El Salvador, proposed making bitcoin a legal tender in his country over two years ago. The aforementioned proposal has made the country the first one to recognize BTC as legal tender. El Salvador has purportedly been the first time a country adopted a volatile currency as a legal tender. Despite this, many have criticized Bukele’s action, suggesting that it may encourage further money laundering and illegal activity.
Bukele, on the other hand, has a different perspective on this matter. In a recent interview with “Tucker Carlson Today,” the aforementioned president covered a variety of topics, including, according to reports, the advantages of making BTC legal. Which he claimed that one of the main advantages of Bitcoin is supposedly a reaction to the apparent increase in tourism in the nation.
Advantages of Legalizing Bitcoin in El Salvador
Bukele went on to say that the advantages of legalizing Bitcoin in their nation had been evident in their upcoming new economic structure. The president went on to say that one benefit of legalizing the token in their nation was that it had a positive impact on their tourism sector, which had supposedly grown by 95%.
According to reports, Bukele went on to discuss additional advantages of adopting BTC in his nation, including private investments and how the country was drawing Bitcoiners due to numerous conferences, with the legality of BTC serving as the main driver.
After he accepted the “lord of cryptocurrencies” and made it legal, Nayib Bukele is said to have gotten support from the crypto community, according to several accounts. Although the aforementioned move has received a lot of criticism both domestically and abroad, reports claim that as a result, many more foreign nations are starting to see the importance of cryptocurrencies. This assertion is said to be a reflection of how different countries have approached and developed their use of blockchain technology and cryptocurrencies.