El Salvador's Vice President, Felix Ulloa, recently shared his insights on how the nation's adoption of Bitcoin as legal tender has catalyzed the country's resurgence. According to him, Bitcoin's role has been pivotal in attracting cryptocurrency-related investments and tourists, ultimately contributing to the country's revival.
Felix Ulloa's Insights: Bitcoin's Role in Attracting Economic Growth
El Salvador's Vice President, Felix Ulloa, has drawn a clear line connecting the country's economic progress and its unprecedented move to accept Bitcoin as legal tender. El Salvador made history in 2021 by becoming the first country to legitimize Bitcoin, under the leadership of President Nayib Bukele.
Despite criticisms from international organizations like the International Monetary Fund (IMF), who urged the country to retract its decision, Ulloa maintains that this move has been beneficial for the nation.
In a recent conversation with Forbes, Ulloa stated:
El Salvador's pioneering step to legalize a cryptocurrency has attracted many investors. The excitement that began in the digital economy, specifically among Bitcoin enthusiasts, has led to many investors establishing their operations in El Salvador.
The Interplay of Tourism, Bitcoin, and National Growth
According to Ulloa, another sector that has seen remarkable recovery post the Covid-19 pandemic is tourism. This resurgence is attributed to the country's new security policies and its embrace of Bitcoin.
With Bitcoin as legal tender, tourists can conveniently pay for goods and services without the need for currency exchange, a point Ulloa emphasizes.
Previously, President Bukele had also highlighted the connection between Bitcoin and the revival of the tourism industry. In August 2022, he pointed out:
The recovery of tourism to pre-pandemic levels has been achieved by only a few countries. In our case, international tourism is primarily driven by Bitcoin and surfing.
Ulloa expands on this association, suggesting that both tourism and Bitcoin have played significant roles in El Salvador's recovery during Bukele's tenure. He elaborates:
Undeniably, the intersection of tourism and digital currencies is a signal of the future and a testament to our country's resurgence.
What are your thoughts on Felix Ulloa's perspective on how Bitcoin's adoption as legal tender has influenced El Salvador's economic recovery? Share your views below.
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The best way to save money for retirement is to place it in an Individual Retirement Account. It will be tax-deferred up until the time you withdraw it. You are in complete control of how much you take out each fiscal year. There are many types of IRAs. Some are better suited to college savings. Some are for investors who seek higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. These earnings don't get taxed if they withdraw funds. This account may be worth considering if you are looking to retire earlier.
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You own your gold and therefore the government cannot seize it. It's yours, and you earned it by working hard. It is yours. This rule could be broken by exceptions. Your gold could be taken away if your crime was fraud against federal government. If you owe taxes, your precious metals could be taken away. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
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From the ancient days to the early 20th Century, gold was a common currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. It was also traded internationally due to its high value. There were different measures and weights for gold, as there was no standard to measure it. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
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By: Sergio Goschenko
Title: El Salvador's Revival: A Look at Bitcoin Adoption and its Impact, by Vice President Felix Ulloa
Sourced From: news.bitcoin.com/salvadoran-vice-president-felix-ulloa-bitcoin-adoption-fueled-el-salvadors-rebirth/
Published Date: Tue, 17 Oct 2023 21:00:29 +0000