Remittance costs key to take-up of Salvadoran bitcoin plan -development bank

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By Nelson Renteria and Anthony Esposito
SAN SALVADOR (Reuters) - Central American countries are eagerly waiting to see if El Salvador's adoption of bitcoin as parallel legal tender cuts the cost of remittances, an important source of income for millions of people, the region's development bank said.
President Nayib Bukele's congressional allies have already approved legislation giving the cryptocurrency official currency status alongside the U.S. dollar, a first in the world. The move takes effect in September.
Bukele has touted bitcoin adoption as a way to facilitate remittance payments from Salvadorans living abroad.
"Everyone is watching if it goes well for El Salvador and if, for example, the cost of remittances drops substantially ... other countries will probably seek that advantage and adopt it," Dante Mossi, the executive president of ...


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