Bitcoin Beach to Receive More Than $203 Million in Infrastructure Investments in El Salvador – Emerging Markets Bitcoin News
El Zonte, a beach in El Salvador rebaptized as “Bitcoin Beach” due to its adoption of the cryptocurrency, will receive infrastructure investments as part of a strategic plan of the government of El Salvador. Surf City, another beach location in the La Libertad region, will also receive road improvements and other upgrades.
‘Bitcoin Beach’ to Benefit From Infrastructure Investments
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 due to its adoption of bitcoin to build a circular economy in the area. These investments will be directed toward building a new set of facilities for tourists to better enjoy the location.
Regarding the execution of these investments, President Nayib Bukele stated:
El Zonte for many is known as Bitcoin Beach; we are going to fix an area of 15,000 square meters, where there will be a shopping center, parking, beach club, treatment plant, to revitalize the area.
Surf City, a beach also known as El Tunco, will also benefit from these investments that will extend alongside the La Libertad region. This is part of the second phase of the Surf City project, which aims to bring strategic developments to the area to help tourism thrive.
The La Libertad region will also receive a new set of roads to give tourists better access to the sites. Bukele explained:
This year we will expand 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 bicycle roads, among other facilities.
Bitcoin and Surf Crucial for Salvadoran Tourism
This set of investments is in line with what the government has declared previously about the influence that surf and bitcoin have had on the growth of national tourism. A recent report issued confirmed that El Salvador was on the list of countries that had already recovered their tourism-derived incomes to pre-pandemic levels.
Bukele attributed this to three elements: the fight against gangs in the country, surf, and bitcoin. Other officers of 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 adoption 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.