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Cryptocurrency News Articles
El Salvador: From One of the Most Dangerous Countries to the 8th Safest Nation in the World
Sep 25, 2024 at 04:07 pm
El Salvador's transformation under President Nayib Bukele has been nothing short of remarkable. Once one of the most dangerous countries in the world, El Salvador is now ranked as the 8th safest nation
El Salvador, a country that has wholeheartedly embraced Bitcoin, has now ascended to the ranks of the world’s safest nations, a remarkable transformation spearheaded by the bold policies of Bitcoin advocate President Bukele.
According to recent reports, El Salvador now boasts the 8th place among the world’s safest countries. Data shared by media outlet Radar Hits reveals that an impressive 88% of the El Salvadoran population feels secure walking alone.
This starkly contrasts the situation a decade ago, when violence and crime ravaged the country. For perspective, historical data shows that around 70% of the population felt unsafe walking in 2015-2016, while only 30% felt safe.
Now, the recent data places Kuwait at the pinnacle of the list, with a staggering 99% of citizens feeling safe walking alone. Singapore follows closely with a high rate of 94%, while Norway and Saudi Arabia both boast 92%.
President Bukele's Tough Stance on Crime
While El Salvador's 8th place on the list is noteworthy, its remarkable journey from 30% to 88% feeling safe within eight years is particularly striking.
A key factor driving this transformation has been President Nayib Bukele's uncompromising stance on crime.
His "state of exception" policy, implemented in March 2022, authorized mass incarcerations of gang members, drastically reducing violence.
Despite criticism from human rights organizations, who argue that the policy circumvents legal safeguards and infringes on civil liberties, its impact on public safety has been undeniable.
The policy facilitated the arrests of thousands, though some organizations contended that innocent individuals were being swept up in the detentions.
Interestingly, the murder rate in El Salvador plummeted, leading to the country's newfound reputation as a safer destination for both residents and tourists.
El Salvador's Bitcoin Bet and Economic Impact
Beyond security, Bukele's reforms have also extended to the economic realm. In one of his most controversial decisions, he adopted Bitcoin as legal tender in 2021, to be used alongside the U.S. dollar.
Initially, the move faced strong opposition from international financial institutions, many of which warned that it could destabilize El Salvador's economy. Agencies like Fitch Ratings even downgraded the country's credit, predicting financial distress.
However, Bukele's Bitcoin bet now appears to be paying off. The country's Bitcoin bonds, once deemed high-risk, have surged in value.
Bukele pledged to purchase 1 BTC daily, starting in November 2022. Data shows that the country now holds 5,883 BTC, with a profit of $60.5 million.
These gains are largely attributed to a rebound in Bitcoin's price, with the premier crypto's resurgence instilling growing confidence in El Salvador's financial management.
Multiple global investors, once hesitant, are now expressing interest in the country, enticed by opportunities in Bitcoin mining and renewable energy projects that capitalize on El Salvador's natural resources.
A Boost in Tourism and Digital Economy
Furthermore, Bukele's administration has prioritized infrastructure and digital connectivity. Tourism is flourishing, with initiatives like SurfCity and the hosting of major international events, such as the 2023 Central American and Caribbean Games, attracting global attention to the country.
While Bukele's policies continue to draw criticism, particularly from those who perceive his governance style as authoritarian, the results ultimately speak for themselves.
El Salvador's economy is stabilizing, tourism is expanding, and for the first time in years, Salvadorans feel safer in their own country.
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