Santa Monica Opens Its First Official Bitcoin Office

Previously, El Salvador's Vice President Felix Ulloa recently stated that Bitcoin (BTC) would likely be a tool to free the country from the use of fiat currencies, including the United States dollar.

Launch News.bitcoin.comSunday (16/6/2024) in an interview with Russia Today (RT) on the sidelines of the San Petersburg International Economic Forum (SPIEF), Ulloa highlighted the opportunities that Bitcoin adoption brings to the country for economic freedom.

When asked about the possibility of El Salvador's de-dollarization and its connection to Bitcoin, Ulloa stressed that his government had studied the case before.

“For this, Bitcoin has become an option; and not only Bitcoin but also other cryptocurrencies circulating in the international market,” Ulloa explained.

Last year, El Salvador passed a digital assets law, which covers cryptocurrencies, tokens and other digital assets to advance economic liberalization, he highlighted.

Previously, Ulloa also highlighted Bitcoin's role in El Salvador's economic revival, strengthening the relationship between crypto and the tourism industry.

In October 2023, he assessed, “tourism and the use of digital currency go hand in hand and are a sign of the future and rebirth of our country.”

El Salvador adopted the US dollar in 2020, allowing its use for all commercial and financial transactions as it seeks to boost its economic numbers.

Ulloa stated that El Salvador wants to free its economy from the central bank and also from the implied dependence on fiat currencies, such as the US dollar, euro, pound sterling and others.