Bitcoin Beach in El Salvador gets a $203 mn tourism investment
While El Salvador's $203 million investment has attracted remarkable attention, some individuals are hesitant to accept crypto assets as a form of payment
By Shashank Bhardwaj
Image: Reuters/Jose Cabezas
El Salvador's government has announced a strategic plan to improve the economy of El Zonte, a small beach town that has been renamed ‘Bitcoin Beach’ after its merchants began accepting Bitcoin. According to reports, Bitcoin Beach will have an inflow of investment of $203 million in infrastructural developments, one of the country’s most popular tourist destinations.
El Salvador’s President Nayib Bukele said last week that some of the funds would be used to revitalise 15,000 square meters of El Zonte, which has come to be known as Bitcoin Beach due to the prevalence of crypto asset usage over there. The planned developments include a beach club, shopping center, parking lot, and water treatment plant. However, the Surf City project utilised another part of that investment.
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