Tuesday, June 24, 2025
  • About us
  • Economic Calendar
  • Price Predictions
  • Coins Alerts
  • Crypto Portfolio Tracker
  • Exclusively from Our Partners
Cryptheory
  • Cryptocurrency List
  • Cryptocurrency
    • Cryptocurrency Exchanges
      • Top exchanges for trading Bitcoin derivatives
      • How to buy bitcoin without KYC
      • How to Trade Bitcoin – best platforms
      • Best platforms to buy Bitcoin by debit or credit card
      • Platforms for Grid Trading
      • BYDFi: Review and Guide
      • BingX: Review and Guide
      • Kraken: Review and Guide
      • Bybit: Review and Guide
      • Bitpanda: Review and Guide
      • Phemex: Review and Guide
      • Huobi: Quick Guide
      • Binance: Review and Guide
        • Binance Futures Guide
    • Bitcoin
    • Tether
    • XRP
    • Dogecoin
    • Avalanche
    • Stellar
    • The Open Network
  • crypto news
  • Crypto Exchanges Info
  • Analysis
  • Attractions
No Result
View All Result
  • Cryptocurrency List
  • Cryptocurrency
    • Cryptocurrency Exchanges
      • Top exchanges for trading Bitcoin derivatives
      • How to buy bitcoin without KYC
      • How to Trade Bitcoin – best platforms
      • Best platforms to buy Bitcoin by debit or credit card
      • Platforms for Grid Trading
      • BYDFi: Review and Guide
      • BingX: Review and Guide
      • Kraken: Review and Guide
      • Bybit: Review and Guide
      • Bitpanda: Review and Guide
      • Phemex: Review and Guide
      • Huobi: Quick Guide
      • Binance: Review and Guide
        • Binance Futures Guide
    • Bitcoin
    • Tether
    • XRP
    • Dogecoin
    • Avalanche
    • Stellar
    • The Open Network
  • crypto news
  • Crypto Exchanges Info
  • Analysis
  • Attractions
No Result
View All Result
Cryptheory
No Result
View All Result

Central American countries are impatiently waiting if BTC to help El Salvador with remittances

by Roman B.
March 28, 2025
in Cryptheory News
Reading Time: 3 mins read

As we mentioned in our articles this week about El Salvador a Afghanistan, transfers, ie the money that relatives send to their families across borders, are a burning problem in many poor countries. In fact, the fees for these transfers will result in huge sums of money for the benefit of third parties, which they could save if there was an alternative solution. And just such a solution is to use BTC in El Salvador. Therefore, other countries are monitoring the situation very closely.

Central American countries are waiting

Reuters reported that Central American countries are very eagerly awaiting the use of BTC in El Salvador after September 7, when it will become the world’s first legal tender in the country. On that day, the official Chivo Wallet wallet, 200 BTC ATMs and 50 exchanges for two-way exchange of BTC and the US dollar will be made available to citizens in El Salvador. These services will not charge any change fees.

Salvadorans are estimated to receive remittances worth around $ 400 million a year. Now, thanks to BTC, they will have the opportunity to save fees on this money. Their loved ones abroad can send them BTC and they will then be able to exchange it into the US dollar free of charge through the mentioned services (or keep BTC, that’s up to them). And really very quickly and at a much lower cost than transferring money with the assistance of third parties such as Western Union.

“Everyone is watching how this will work in this El Salvador and whether the cost of remittances will drop significantly. Other countries are likely to notice this adoption and adopt it. “ Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), told Reuters.

Mossi said that El Salvador’s decision to legalize BTC as currency was an experiment that the world had not yet experienced. However, CABEI decided to help. It did so, unlike the World Bank, which rejected El Salvador’s request for assistance with the integration of BTC on the grounds that it had doubts about BTC’s transparency and its impact on the environment.

Other countries for which the use of BTC in remittances could be very advantageous are Guatemala or Honduras. President CABEI revealed that at a recent meeting of the Central American Monetary Council, which is part of the Central American Integration System (SICA), several Member States asked for more details about BTC and showed strong interest in the subject.

CABEI is assisting El Salvador, in particular in preparing the appropriate legal framework. In particular, it ensures that BTC’s use in the country is in line with international anti-money laundering protocols. However, El Salvador is also assisted by other legal issues related to this issue. “We help them navigate in waters that have not yet been explored,” added Carlos Sanchez, CABEI’s Director of Investment.

Interesting numbers about remittances

  • Salvadorans receive remittances worth around $ 400 million a year
  • Afghans receive transfers of up to $ 800 million (4% of GDP). Now, however, Western Union has left the country after the Taliban took power, which means that the people of Afghanistan are cut off from important money. This only underscores the advantages of BTC over remittance intermediaries. We wrote more about it here.
  • BTC currently accounts for about 1% of remittances (Autonomous Research). Cryptocurrencies are expected to gradually cut a more prominent piece of this cake
  • According to the World Bank, over $ 646 billion was transferred to private remittances in 2020
  • Author
  • Recent Posts
Roman B.
Roman B.
I have 6 years of writing experience on several leading websites dealing with cryptocurrencies and other investments. I have been in the Web3 sector for a similar amount of time and have collaborated on several projects from NFT to P2E. My previous experiences: Business2Community.com, TradingPlatforms.com, CryptoSvet.
Roman B.
Latest posts by Roman B. (see all)
  • The Centralized Trap: Is Web3 Quietly Turning Back Into Web2? - June 24, 2025
  • TRON’s On-Chain Reality Check: Growth, Greed, and Why TRX Ain’t Dead Yet - June 19, 2025
  • What is Altcoin: Unveiling the World of Alternative Cryptocurrencies in 2025 - June 18, 2025
Tags: Afghanistanel salvadorRemittances
Previous Post

BTC is becoming mainstream. Management companies and institutions already hold 6% of BTC

Next Post

New native token of the MetaMask wallet?

Related Posts

To Everyone Selling Their Crypto: Take a Breath, Quit Panicking, and Read This Like a Pro
Uncategorized

To Everyone Selling Their Crypto: Take a Breath, Quit Panicking, and Read This Like a Pro

June 23, 2025
2025 Déjà Vu? Why This Bitcoin Dump Might Just Be Your 2020 Moment All Over Again
Cryptheory News

2025 Déjà Vu? Why This Bitcoin Dump Might Just Be Your 2020 Moment All Over Again

June 23, 2025
Altseason Is Coming: Time to Saddle Up, Degens
Cryptheory News

Altseason Is Coming: Time to Saddle Up, Degens

June 20, 2025
Bitcoin at $104K: Spoofers, Liquidations & Degens – Welcome to the Danger Zone
Cryptheory News

Bitcoin at $104K: Spoofers, Liquidations & Degens – Welcome to the Danger Zone

June 20, 2025
Stablecoin Scrutiny: From Tether’s Launch to MiCA’s Dawn, Regulators Are Watching
Cryptheory News

Stablecoin Scrutiny: From Tether’s Launch to MiCA’s Dawn, Regulators Are Watching

June 12, 2025
June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let's F***ing See.
Cryptheory News

June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let’s F***ing See.

June 11, 2025
SOL's Big F***ing Breakout: Why Solana's About to Send You to the Moon
Cryptheory News

SOL’s Big F***ing Breakout: Why Solana’s About to Send You to the Moon

June 10, 2025
Crypto Trading Tips for June 5, 2025: Navigating the Binance Spot Market
Cryptheory News

Crypto Trading Tips for June 5, 2025: Navigating the Binance Spot Market

June 5, 2025
Spot Market Flexes and Derivatives Cry in the Corner: How Does It Look On-Chain?
Cryptheory News

Spot Market Flexes and Derivatives Cry in the Corner: How Does It Look On-Chain?

May 15, 2025
Please login to join discussion
Track all markets on TradingView
Score: 0
Game Over

Popular

Bitcoin’s Not Dead, It’s Just Loading: On-Chain Data Says Sit Down and HODL

Bitcoin’s Not Dead, It’s Just Loading: On-Chain Data Says Sit Down and HODL

June 24, 2025
Solana On-Chain Frenzy: New Addresses, Spikes, and Degens Running Wild

Solana On-Chain Frenzy: New Addresses, Spikes, and Degens Running Wild

June 12, 2025
SOL's Big F***ing Breakout: Why Solana's About to Send You to the Moon

SOL’s Big F***ing Breakout: Why Solana’s About to Send You to the Moon

June 10, 2025
Ethereum Price Analysis & Trading Tips: Triangle Squeeze and RSI Shenanigans – WTF Happens Next?

Ethereum Price Analysis & Trading Tips: Triangle Squeeze and RSI Shenanigans – WTF Happens Next?

June 18, 2025
Bitcoin Price Analysis & Trading Tips – June 9, 2025

Bitcoin Price Analysis & Trading Tips – June 9, 2025

June 9, 2025
TRON’s On-Chain Reality Check: Growth, Greed, and Why TRX Ain’t Dead Yet

TRON’s On-Chain Reality Check: Growth, Greed, and Why TRX Ain’t Dead Yet

June 19, 2025
To Everyone Selling Their Crypto: Take a Breath, Quit Panicking, and Read This Like a Pro

To Everyone Selling Their Crypto: Take a Breath, Quit Panicking, and Read This Like a Pro

June 23, 2025
The Hottest Female Characters in PC Games: A Deep Dive into Digital Desirability

The Hottest Female Characters in PC Games: A Deep Dive into Digital Desirability

June 5, 2025
June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let's F***ing See.

June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let’s F***ing See.

June 11, 2025
The Centralized Trap: Is Web3 Quietly Turning Back Into Web2?

The Centralized Trap: Is Web3 Quietly Turning Back Into Web2?

June 24, 2025

⭐ What Type of Crypto Investor Are You? (v2)

1. How do you DYOR (Do Your Own Research)?

2. Your first reaction to a 10x pump?

3. What’s your opinion on memecoins?

4. Where do you stake your crypto?

5. What’s your exit strategy?

6. How do you pick your next investment?

7. Favorite kind of airdrop?

8. What’s your approach to NFTs?

9. How do you store your crypto?

10. What's your long-term crypto goal?

Crypto News

Bitcoin

Ethereum

Altcoins

Cryptocurrency

Platforms for Copy Trading

Platforms for Grid Trading

Glossary of trading and crypto terms

Crypto Portfolio Tracker

 

Cryptheory Labs Projects

Guest Post for Free

On our website, you can share your opinions and insights. This feature is reserved for non-promotional articles. We are already working on a system for donations and rewarding every author.

This website is here for those of you who want to be at the forefront of innovation and new technologies like Bitcoin. But first, we need to tackle the challenges and survive in the unforgiving world of crypto assets. THIS IS CRYPTHEORY!

Follow Us

  • Terms Of Use
  • Privacy Policy
  • About us
  • Contact us

© 2024 Cryptheory - F**k the forex, we want gains!

Shiba Inu loading
No Result
View All Result
  • Cryptocurrency List
  • Cryptocurrency
    • Cryptocurrency Exchanges
      • Top exchanges for trading Bitcoin derivatives
      • How to buy bitcoin without KYC
      • How to Trade Bitcoin – best platforms
      • Best platforms to buy Bitcoin by debit or credit card
      • Platforms for Grid Trading
      • BYDFi: Review and Guide
      • BingX: Review and Guide
      • Kraken: Review and Guide
      • Bybit: Review and Guide
      • Bitpanda: Review and Guide
      • Phemex: Review and Guide
      • Huobi: Quick Guide
      • Binance: Review and Guide
    • Bitcoin
    • Tether
    • XRP
    • Dogecoin
    • Avalanche
    • Stellar
    • The Open Network
  • crypto news
  • Crypto Exchanges Info
  • Analysis
  • Attractions

© 2024 Cryptheory - F**k the forex, we want gains!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.