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El Salvador’s new bitcoin wallets could cost Western Union $400 million a year
El Salvador’s new bitcoin wallets could cost Western Union $400 million a year
- In 2020, El Salvador received nearly $6 billion in remittances, which accounted for about 23% of its gross domestic product.
- President Nayib Bukele estimates that money services providers like Western Union and MoneyGram will lose $400 million a year in commissions for remittances, thanks to the country’s bitcoin adoption.
- Some 70% of the Salvadoran population receives remittance payments.
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