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28 September 2021

El Salvador’s Bitcoin Adoption To Cut Western Union Revenue, Increase Population Wealth

El Salvador’s Bitcoin Adoption To Cut Western Union Revenue, Increase Population Wealth


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However, since officially adopting bitcoin as a lawful currency on September 7, El Salvador now provides a better option for its citizens looking to send or receive money overseas.

Salvadorans are now empowered to do what they wish with their money without having to wait in lines, ask for permission, or wait several business days by leveraging the Bitcoin and Lightning networks to send and receive instant, cheap payments worldwide.

Jamie García, who fled El Salvador for Canada at the age of 11 after having his house bombed by rebels, told CNBC how big of a hassle it was to use Western Union for sending some money to his family in the Central American country.

“In this day and age, it is wild that I had to go to a physical Western Union office, give them actual cash, and then hand them another $25 on top of that, before they would send my money over,” García said.

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