Bitcoin skyrocket's tourism for El Salvador while US representatives aim to mitigate risks
El Salvador's Bitcoin adoption was probably one of the biggest and most controversial issues for lawmakers and crypto enthusiasts across the world. In the line of this event, El Salvador's Tourism Minister confirmed that this decision from the country's President has increased tourism in the nation by nearly 30% during an interview with the local media. On the other hand, US representatives believe that this is a risky business.
Surge in tourism following Bitcoin adoption
There has been a surge in tourism following the Bitcoin adoption by El Salvador, as per Tourism Minster Morena Valdez, who pointed out that "El Salvador is proving to be a good destination to visit, to invest in, and to live in."The Minister also revealed:
Tourists interested in the implementation of bitcoin have a longer stay and a larger expense. Before bitcoin there was a daily expenditure of $113 to $150, now it is up to $200 a day.She also pointed out that the nation "has projected the visit of more than 170,000 people, approaching the flows of the year 2019" for the Easter holidays. "This is equivalent to $161 million in foreign currency,” she further added.
New House Bill to mitigate the risks
While the Tourism Minister's statements radiate positivity, two US representatives, Norma Torres (D-Calif.) and Rick Crawford (R-Ark.) have introduced a new House Bill with the goal of mitigating "the risks to the United States of El Salvador’s adoption of Bitcoin as legal currency." This new Bill promotes the establishment of something called 'Accountability for Cryptocurrency in El Salvador' or the ACES Act.This Bill was introduced as companion legislation to another Senate Bill which was introduced in the month of February by Senators Jim Risch (R-Idaho), Bob Menendez (D-N.J.), ranking member and chairman of the Senate Foreign Relations Committee, and Bill Cassidy (R-La.). This Bill was also released with the aim of mitigating the risks following Bitcoin adoption in El Salvador.
Torres also stated in his press release:
El Salvador is an independent democracy and we respect its right to self-govern, but the United States must have a plan in place to protect our financial systems from the risks of this decision, which appears to be a careless gamble rather than a thoughtful embrace of innovation
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