El Salvador and its strategy towards financial freedom
Hello dear readers, let this post serve to socialize information about the positive impacts that Bitcoin achieved in El Salvador if we take into account that Bitcoin offers a route to economic diversification.
El Salvador continues to capture the world's attention for being the first country to adopt Bitcoin as legal tender. And while some say that the country only suffered losses due to the cryptocurrency's falling price, the facts show that the pioneering electronic cash network is indeed leaving a positive footprint on the Salvadoran economy and society.
In September 2022 the Central American country celebrated its first anniversary of being the first in the world to give bitcoin legal tender, its experiment advances with certain setbacks, but there are also several aspects that can be highlighted as positive.
On Salvadoran soil, the tourism sector has been boosted by bitcoin; there are also bitcoin investment plans underway. Similarly, young people are receiving education on the first of the cryptocurrencies and there is a project for families who save in bitcoin to acquire a home, without the long and costly procedures of banks.
Hand in hand with Bitcoin, El Salvador has encouraged its communities with new allies, such as the cryptocurrency exchange Bitfinex, which donated millions of dollars to gang victims and helped with the relief of those who suffered the destruction left in October by Hurricane Julia.
El Salvador's economy remained on the path to recovery during 2022, driven by increased tourism and domestic consumption, as recently reported by Douglas Rodriguez, president of the Central Bank of the Central American country.
The rebound experienced by El Salvador's tourism in 2022 was highlighted by the World Tourism Organization (UNWTO), which ranked the country with the highest restoration index in the sector. This is due to the fact that its visitors increased more than 82% in less than a year, with bitcoin among its main attractions.
The bitcoin investment plans that were launched during 2022 could be setting the stage for economic growth in the country where more than 6 million Salvadorans live.
SOURCES CONSULTED
Criptonoticias How bitcoin boosted El Salvador's economy during 2022. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image background: Criptonoticias
Hi
What El Salvador is doing is a big experiment in BTC and crypto.
Hope for a succesful transition from a stressed economy to a booming and stable one.
Hi @thetimetravelerz
I believe that the successful transition you are talking about is already happening in El Salvador, I say it that way because I have followed the news in that country closely and things have improved at all levels beyond the political discourse.
Best regards, be well.
You've got a free upvote from witness fuli.
Peace & Love!
No matter how hard is bear makret but early investors always gets profit and it is because of it's working mechanism and supply cutting system halving. So in the long run it is even beneficial in bear market. El slavador going on right path..
Hello @luckyali.writes
That's right, El Salvador is on the right track as the cryptocurrency market is just sailing its first waters, and when it reaches port El Salvador will be able to tell a great growth story.
Best regards, be well.
The thing is that market markets usually make a great opportunity for those who have no clue about crypto to discredit it out loud. I hope there isn't too much political opposition to dissuade El Salvador's president from the right path
Thanks for sharing :) @lupafilotaxia
Hello @qsyal
I believe that El Salvador in the near future will be able to tell a great story of growth, there may be opposition but the fact is that the people are increasingly relying on Bitcoin as an exchange currency.
Best regards, be well.