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El Salvador has (and will have) negligible impact on both generation of and popularity of cryptocurrency, so I don't think that argument is very important given
by kspacewalk2 5y ago
El Salvador has (and will have) negligible impact on both generation of and popularity of cryptocurrency, so I don't think that argument is very important given the far more pressing matters they have to deal with as a country, and ones they have control over.
The point about opening up a bank is interesting though. The amount of money WU is skimming off the top must be a non-negligible percentage of the country's GDP. There's gotta be a less pie-in-the-sky way to disrupt that without making El Salvador a money laundering haven, which will absolutely happen with this idea.
- mumblemumble 5y ago> The amount of money WU is skimming off the top must be a non-negligible percentage of the country's GDP. 20% of El Salvador's GDP is remittances, and WU takes a 5-10% cut. I don't know how much of that business WU controls, so let's pick a range out of a hat: 75%. That would imply that WU fees represent something in the neighborhood of 1% of the country's total GDP.
- el-salvador 5y agoI've just checked, remittances to El Salvador account for 20% of the GDP. https://www.theglobaleconomy.com/rankings/remittances_percent_gdp/ https://www.theglobaleconomy.com/rankings/remittances_percen...