A significant percentage of that is lost to financial intermediaries,according to Bukele.
“El Salvador,like many Latin American countries,pays significant fees with international transfers,so the embracing of cryptos should not come as a surprise,” said Edward Moya,senior market analyst for the Americas at Oanda,in a note on Monday (US time).
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Migrants continue to flee El Salvador and its neighbours,driven out by poverty,unemployment and gang violence,as well as the perception that the government of US President Joe Biden is more welcoming to migrants than his predecessor’s was.
The country of 6 million people has long been one of the world’s most dangerous. The murder rate fell last year but remains about four times that of the US.
The high-stakes plan to ramp up usage of the volatile crytpocurrency adds to the bull case,just as the token struggles torecover from last month’s rout.