El Salvador Revives Bitcoin Beach!

in El Salvador announced 3 years ago Bitcoin Beach project is being revived with the funds allocated by the government.

A new tourism plan was announced in the country recently. According to the announced plan, a budget of 203 million dollars was allocated for the development of tourism in the country.

President of El Salvador Nayib Bukeleannounced that it will make significant investments in the El Zonte beach area, known as Bitcoin Beach, in its tourism plan announced last week. According to the plan, a beach club, a large shopping center and a parking lot are on the agenda for Bitcoin Beach.

What is Bitcoin Beach?

Bitcoin Beach is a cryptocurrency-themed tourism district project launched by the government of El Salvador 3 years ago. With the project planned in the El Zonte region, operators and tourists in the region frequently use Bitcoin for payment services. In addition, the workers in the town receive their salaries in Bitcoin.

The existence of cryptocurrencies in the country has been the subject of great debate after Bitcoin Beach made a loud noise. Following that, El Salvador President Nayib Bukele legalized the months-long anticipated crypto regulation. And Bitcoin was declared an official currency in the country.

Leading global financial institutions and monetary authorities (especially the IMF) criticized El Salvador’s move quite harshly. Financial institutions drastically lowered the country’s credit rating. However, Nayib Bukele did not take a step back.

Contrary to the decisions of the administration, the adoption of cryptocurrencies by the public is progressing quite slowly. According to a study conducted at the beginning of the year, only 14% of El Salvadorans transacted with Bitcoin.