Bitcoin Beach Is Expected To Receive More Than 203 Million Dollars In Investments For Its Infrastructure In El Salvador – Emerging Markets Bitcoin in the News

Bitcoin Beach Is Expected To Receive More Than 203 Million Dollars In Investments For Its Infrastructure In El Salvador - Emerging Markets Bitcoin in the News

As part of a long-term strategy, the government of El Salvador will put money into the infrastructure of El Zonte, a beach that has been renamed “Bitcoin Beach” because of its popularity among cryptocurrency users. Additional beachfront development in the La Libertad area, Surf City, will also benefit from new roads and other infrastructure enhancements.

The Bitcoin Beach Area Will See Growth Due to New Facilities

The government of El Salvador is investing in Bitcoin Beach by improving the facilities there. Bitcoin Beach is located in El Zonte. Because of its pioneering use of bitcoin to create a local circular economy, this beach has become a cultural landmark. For the benefit of visitors, these funds will be used to construct brand-new amenities.

When asked about the implementation of these initiatives, President Nayib Bukele said:

Many people refer to El Zonte, also known as Bitcoin Beach, as “Bitcoin Beach,” therefore to rejuvenate the region, we aim to build a shopping complex, parking lot, beach club, and wastewater treatment plant across an area of 15,000 square meters.

These improvements, which would run parallel to La Libertad, will be of great use to Surf City, a beach also known as El Tunco. The Surf City project’s second phase includes several enhancements, all of which are designed to boost the local economy through the booming tourism industry.

New roads are being built in the La Libertad area to improve accessibility to the sights for visitors. As Bukele elaborated:

We’ll add four lanes to 21 kilometers of beachfront roadway this year. Plus, we’ll use hydraulic concrete, which is more expensive than asphalt but has a far longer lifespan.

The government of El Salvador plans to invest approximately $203 million in infrastructure upgrades, such as a new drainage system, bridges, and bicycle paths.

Surfing and Bitcoin Are Necessary for El Salvador’s Tourist Industry

Government statements about the role of surf and bitcoin in the development of the country’s tourism industry are consistent with the proposed set of initiatives. According to a recent research, El Salvador is among the countries whose tourism-related incomes have returned to their levels prior to the pandemic.

Bukele said there were three reasons for this: the war on gangs in the country, the popularity of surfing, and the advent of bitcoin. Some other high-ranking officials in El Salvador’s administration have also cited bitcoin as a reason the country’s tourism industry has flourished this year. El Salvador’s tourism minister, Morena Valdez, said in April that the country’s 30% growth that year was due in large part to the use of bitcoin as legal tender.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.