El Salvador: Using bitcoin would save 400 million dollars annually in remittances

How we report in previous notes, El Salvador is the first country in the world that has adopted bitcoin as legal tender, that is, an official means of payment; in a bid to boost its economy much more. In this regard, it should be taken into account that El Salvador that the remittances business is one of the main ones that sustains the dollarized economy in that country, since these are equivalent to a significant percentage of the gross domestic product of El Salvador.

In this sense, and in view of the fact that the international remittance services companies that operate in El Salvador: Western Union and MoneyGram, charge high commissions, since for every 10 dollars, 3,41 would be charged for the service; according to what is mentioned by the portal Crypto news. In that sense, the use of cryptocurrencies such as bitcoin become more attractive due to the low commissions that they charge for their transfers.

Thus, Nayib Bukele, President of El Salvador, has indicated that this important bet could result in Salvadorans as a whole making a total savings of 400 million dollars annually by using the services associated with bitcoin, instead of pay the high commissions imposed by international remittance services companies, according to CNBC.

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Carlo palomino
Bachelor from the National University of San Marcos (UNMSM). With interest in Digital Law and New Technologies. I endorse the phrase: "Knowledge is useful as it is shared." Contact: carlo.palomino19@gmail.com

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