El Salvador’s Bitcoin Wallet Could Disrupt Traditional Remittance Market

Original Article by: Morgan Chittum

Last Tuesday El Salvador became the first country in the world to adopt Bitcoin as a legal tender, a move that not all citizens agreed with. But something that the El Salvadorians can agree with is saving nearly $400 million in remittance fees, a feat only possible due to Crypto, You see 24% of the countries gross domestic product comes from remittances, these transactions can be hit with up to 30% fees by traditional banking institutions such as Western Union. This is why President Nayib Bukele was so keen on introducing Bitcoin adoption, so while its status as a tender in the country has come under scrutiny, one thing I believe we can all agree with is the benefit in cost saving by Citizens.