Report Says Western Union Could Lose $400M if El Salvador’s Chivo Bitcoin Wal...
The Republic of El Salvador has made many headlines this week as the country adopted bitcoin as legal tender on Tuesday and became the first-known nation-state to purchase the leading crypto asset. A recent report details that remittance providers like Moneygram and Western Union could lose up to $400 million annually if the Chivo wallet is used more. Furthermore, the creator of the world wide web, Tim Berners-Lee has written an opinion piece about why Salvadoran president Nayib Bukele announced the bitcoin tender law at the Miami bitcoin conference. Chivo Wallet Could Hurt Remittance....
Related News
Nayib Bukele, El Salvador president, has claimed that 2.1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he implied the apparent success of Bitcoin in the country. El Salvador recently adopted bitcoin as a legal tender on September 7, 2021, being the first country to do so. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet On Saturday afternoon, president Nayib Bukele shared this update with his 2.9 million Twitter followers. He claimed that Chivo “now has....
Money services providers could lose $400 million a year in commissions for remittances thanks to bitcoin, increasing Salvadorans’ money.
It is rather striking to see the average cost of Western Union transfers has remained virtually unchanged since 2014. A rather strange development, considering other providers managed to reduce their fees in the same period. Western Union Money Transfer In a new report by FXCompared, it has become evident the money transfer business is starting to lose momentum. In most cases, sending money around the world remains a very expensive business. Up-and-coming solutions such as cheaper remittance, and even cryptocurrencies, present far cheaper and global options. Mostly Western Union is losing....
In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
Western Union Chief Information Officer John "David" Thompson was interviewed by Coindesk this week and made some very revealing comments about Bitcoin, and its future in global monetary transfer. Many know Western Union as the world's largest personal monetary transfer corporation, founded way back in 1851. Operating in 220 countries worldwide, it generated almost $800M last year in net income, which is down over 20% from 2012. I wonder why it is down over $200M all of the sudden? Also read: Digital Currency Advocate: What Western Union CEO Is Missing. Western Union CIO: Bitcoin doesn't....