Bank Of America Sees Four Upsides In El Salvador’s Bitcoin Adoption
Bank Of America has said that it sees how El Salvador’s adoption of Bitcoin could help the Island country. President Bukele Agrees With Bank Of America President Nayib Bukele of El Salvador, a Central American country, tweeted yesterday screenshots of a Bank of America economic outlook report (BofA). Along with explaining why the bank is […]
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BofA sees four upsides to Bitcoin adoption in El Salvador, including remittances, financial digitalization, and foreign investments.
Reduced remittance costs could prove significant in justifying El Salvador’s adoption of Bitcoin as legal tender. The Central American Bank for Economic Integration (CABEI) has identified remittance as an important aspect of El Salvador’s Bitcoin (BTC) adoption policy.According to Reuters on Tuesday, the regional development bank expects other Central American nations to pay close attention to Bitcoin’s impact on remittance costs in El Salvador.Speaking to Reuters, Dante Mossi, CABEI’s executive president stated that neighboring countries will be incentivized to follow El Salvador’s....
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