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Bank of America has outlined some benefits to be had from adopting bitcoin as legal tender in El Salvador. The opportunities include low-cost remittances, financial digitization, more choices, and greater investments from foreign companies. Bank of America Highlights Opportunities Bitcoin Brings to El Salvador as Legal Tender Bank of America (BOA) outlined some potential benefits … Read more
“More than 70% of the adult population of El Salvador does not have a bank account,” reads the latest Global Research report from Bank of America. “For that reason, democratizing access to electronic payments, through Bitcoin, has a progressive touch.” Go to Source Powered by WPeMatico
The fund will greatly expand to cover all aspects of digital currency while also working with related financial institutions. Go to Source Powered by WPeMatico
Cointelegraph traveled to El Salvador to investigate whether citizens believe its new Bitcoin Law will be beneficial to the nation’s economy. Go to Source Powered by WPeMatico
Making any cryptocurrency a national currency “is an inadvisable shortcut” to more inclusive financial services, according to two IMF officials. Go to Source Powered by WPeMatico
While some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law. Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ … Read more
Those who marched against Bitcoin this week claimed the cryptocurrency was too volatile and would allow businesses to “launder ill-gotten money.” Go to Source Powered by WPeMatico
According to regional reports, El Salvador’s current leadership is in the midst of developing a stablecoin backed by the U.S. dollar. Meanwhile, others believe the stablecoin idea was scrapped now that Nayib Bukele’s government chose to leverage bitcoin. Some Say the Colón-Dollar Is Being Developed, Others Claim the Salvadoran Stablecoin Idea Was Scrapped There’s lots … Read more
JPMorgan has offered its view on the bitcoinization of El Salvador, the country which recently made bitcoin legal tender alongside the U.S. dollar. JPMorgan says, “It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” JPMorgan on the Bitcoinization of El Salvador JPMorgan & Chase’s … Read more
Daily payment activity in El Salvador would represent more than 1% of the total value of BTC that have been transferred between wallets in the past year, JPMorgan experts say. Go to Source Powered by WPeMatico
