El Salvador Adopts Bitcoin – 5 Knock on Effects

September 09, 2021 09:17 AM PDT

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President Nayib said, the move to Bitcoin would allow Salvadorans to save US$400 million spent each year in commissions for remittances

*The move could help El Salvador’s economy which relies heavily on the US dollar as Bitcoin isn’t influenced by local market conditions nor is it directly influenced by one country’s economy.

*To counter emissions created by Bitcoin mining, plans are being made to offer bitcoin mining facilities renewable energy from the country's volcanoes.