El Salvador’s Bitcoin Beach Gets Over $200 Million in Investments
El Zonte, an El Salvador beach called “Bitcoin Beach” due to its acceptance of the cryptocurrency, will receive infrastructural enhancements as part of a strategic plan conducted by the El Salvadoran government.
The beach has earned iconic significance as a result of its use of Bitcoin (BTC) to build a circular economy in the region. These funds will be used to build new amenities to improve the vacation experience for visitors to the region.
President Nayib Bukele announced last week that some cash would be used to rehabilitate 15,000 square meters of El Zonte, which has become known as Bitcoin Beach due to the widespread use of the cryptocurrency there. The planned additions include a beach club, shopping center, parking lot, and treatment plant. The remaining funds were allocated to the Surf City project in adjacent La Libertad.
According to Bukele, the investment totals more than $203 million and includes cycling routes, a new drainage system, pedestrian crossings, and 14 bridges.
“This year we will expand 21 kilometers of the Littoral Road to four lanes. And we will also do it with hydraulic concrete, which is more expensive than asphalt, but lasts much longer,” he announced.
This is part of the Surf City project’s second phase, which aims to bring tourism-enhancing strategic initiatives to the region. These initiatives are congruent with what the government has already stated about the role that Bitcoin and surfing have had in the growth of national tourism, and this alignment makes this set of investments consistent.
A recent analysis indicated that El Salvador was one of the countries on the list that had already regained their tourism income to pre-pandemic levels.
Other El Salvadorian government officials have also praised Bitcoin as a driving force behind this year’s growth in tourism. Morena Valdez, El Salvador’s tourism minister, stated that using Bitcoin as a legal currency has contributed to the industry’s 30% increase.
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El Salvador’s Bitcoin Beach Gets Over $200 Million in Investments
El Zonte, an El Salvador beach called “Bitcoin Beach” due to its acceptance of the cryptocurrency, will receive infrastructural enhancements as part of a strategic plan conducted by the El Salvadoran government.
The beach has earned iconic significance as a result of its use of Bitcoin (BTC) to build a circular economy in the region. These funds will be used to build new amenities to improve the vacation experience for visitors to the region.
President Nayib Bukele announced last week that some cash would be used to rehabilitate 15,000 square meters of El Zonte, which has become known as Bitcoin Beach due to the widespread use of the cryptocurrency there. The planned additions include a beach club, shopping center, parking lot, and treatment plant. The remaining funds were allocated to the Surf City project in adjacent La Libertad.
According to Bukele, the investment totals more than $203 million and includes cycling routes, a new drainage system, pedestrian crossings, and 14 bridges.
“This year we will expand 21 kilometers of the Littoral Road to four lanes. And we will also do it with hydraulic concrete, which is more expensive than asphalt, but lasts much longer,” he announced.
This is part of the Surf City project’s second phase, which aims to bring tourism-enhancing strategic initiatives to the region. These initiatives are congruent with what the government has already stated about the role that Bitcoin and surfing have had in the growth of national tourism, and this alignment makes this set of investments consistent.
A recent analysis indicated that El Salvador was one of the countries on the list that had already regained their tourism income to pre-pandemic levels.
Other El Salvadorian government officials have also praised Bitcoin as a driving force behind this year’s growth in tourism. Morena Valdez, El Salvador’s tourism minister, stated that using Bitcoin as a legal currency has contributed to the industry’s 30% increase.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
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