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Bitcoin Beach Receives More Than $203 Million In Infrastructure Investment In El Salvador – Bitcoin News From Emerging Markets
El Zonte, a beach in El Salvador renamed “Bitcoin Beach” due to its adoption of the cryptocurrency, will receive infrastructure investments as part of a strategic plan for the government of El Salvador. Surf City, another beach resort in the La Libertad region, will also receive road improvements and other upgrades.
“Bitcoin Beach” to benefit from infrastructure investment
Bitcoin Beach, a beach in El Zonte, El Salvador, is getting a set of infrastructure upgrades from the country’s government. The beach is iconic because of its use of bitcoin to build a circular economy in the area. These investments will be directed towards building a new set of facilities for tourists to enjoy better location.
Regarding the implementation of these investments, President Nayib Bukele stated:
El Zonte is known to many as Bitcoin Beach; we will fix an area of 15,000 square metres, where there will be a shopping centre, parking, beach club, sewage treatment plant, in order to revitalize the area.
Surf City, a beach also known as El Tunco, will also benefit from these investments that will stretch along the La Libertad region. This is part of the second phase of the Surf City project, which aims to bring strategic development to the area to help tourism flourish.
The La Libertad region will also get a new set of roads to give tourists better access to the sites. Bukele explained:
This year we are expanding 21 kilometers of the coastal highway to four lanes. And we will also do it with hydraulic concrete, which is more expensive than asphalt, but lasts much longer.
In total, the government of El Salvador will spend more than $203 million on infrastructure, including a new drainage system, bridges and bike paths, among other facilities.
Bitcoin and surf are essential to tourism in Salvador
This set of investments is in line with what the government has previously declared about the influence surf and bitcoin have had on the growth of national tourism. A recently released report confirmed that El Salvador was on the list of countries that had already restored their tourism-derived income to pre-pandemic levels.
Bukele attributed this to three elements: the fight against gangs in the country, surfing and bitcoin. Other officials in the government of El Salvador have also praised bitcoin as a catalyst for the growth of tourism this year. In April, Morena Valdez, Minister of Tourism in El Salvador, stated that the use of bitcoin as legal tender had helped the sector grow by 30%.
What do you think about the investments of the Salvadoran government in Bitcoin Beach? Tell us in the comments section below.
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