The Central American country last week became the first country to adopt bitcoin as legal tender, with President Nayib Bukele touting the cryptocurrency's potential as a remittance currency for Salvadorans overseas.Monthly bitcoin transfers of under $1,000 - a proxy for money sent to the country from Salvadorans working abroad - totalled $1.7 million in May compared to $424,000 year earlier, U.S. crypto researcher Chainalysis found.
El Salvador is heavily reliant on remittances. In 2019, transfers using traditional money totalled nearly $6 billion - around a fifth of GDP - one of the highest ratios in the world, according to the World Bank. Chainalysis, which tracks crypto flows for financial firms and U.S. law enforcement, compiles geographical data by analysing web traffic and trading patterns, though the location of transactions can be obscured by virtual private networks.In its latest report, the World Bank found that for the first three months of 2021, remittances to El Salvador jumped a third year-on-year. Some 95% come from Salvadorans working in the United States, it said.
While El Salvador sees bitcoin as a useful way for citizens overseas to send funds home, major remittance firms are cautious about offering cryptocurrency services.Separately, ratings agency Moody's said on Friday that El Salvador's bitcoin law may imperil a deal on a funding programme with the International Monetary Fund .
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
El Salvador Becomes First Country to Approve Bitcoin as Legal TenderThe country’s president says the move will bring inclusion to Salvadorans who don’t have access to financial services, but analysts warn of economic risks from bitcoin’s extreme volatility. Joking right? Couple of months ago I came across a recommendation about Jacobsongreg93 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation It's El Salvador! Criminals, drug dealers, hackers, dictators rejoice!
Source: WSJ - 🏆 98. / 63 Read more »
El Salvador becomes 1st nation to adopt Bitcoin as legal tenderEl Salvador on Wednesday became the first nation in the world to approve the use of Bitcoin as legal tender. JDoza1 Global currency
Source: ABC - 🏆 471. / 51 Read more »
EXCLUSIVE: El Palacio de Hierro to Remodel Key Mexico City StoresThe renovations come as retail sales are beginning to rebound, with Mexico seeing fewer infections and deaths from COVID-19.
Source: wwd - 🏆 24. / 68 Read more »
Tanzania Considers Crypto—And Boosts Bitcoin—As Nations Line Up Behind El Salvador To Embrace Decentralized FinanceI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com Here we go! TrevMoMatic Our new President's effect!
Source: Forbes - 🏆 394. / 53 Read more »
El país donde los votantes rechazan plan para combatir cambio climáticoLos votantes en Suiza al parecer rechazaron por estrecho margen una propuesta de ley que habría aumentado las tarifas e impuestos sobre los combustibles que producen gases de efecto invernadero, según primeros resultados horrible English
Source: latimes - 🏆 11. / 82 Read more »
Gran Bretaña no cree que el virus salió de un laboratorioEl primer ministro británico Boris Johnson declaró que su país desea una investigación más profunda sobre el origen del coronavirus wow Do we though? What Boris knows?.. He just knows that the new UK economic agreements with China will need to proceed...
Source: latimes - 🏆 11. / 82 Read more »