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Home » News » The entire country of El Salvador just got a 4.6% raise. (Reddit Bitcoin)

The entire country of El Salvador just got a 4.6% raise. (Reddit Bitcoin)

Remittances account for 23% of El Salvador’s economy. Bank fees on those transfers range from 12.5% (on larger transfers) to 30%+ on smaller transfers—let’s call it 20% on average. Bitcoin eliminates those fees via the Chivo app ipso facto: a 4.6% pay raise for the entire country. Awesome.

(This doesn’t include the additional savings of not having to waste your day and bus fare and personal safety going to the bank to receive the transfer.) Data from: https://www.cnbc.com/2021/09/09/el-salvador-bitcoin-move-could-cost-western-union-400-million-a-year.html

submitted by /u/goathen
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