El Salvador’s new Bitcoin wallets could cost Western Union $400M a year

Re:El Salvador’s new Bitcoin wallets could cost Western Unio... by el-salvador on Thursday September 09, 2021 @09:40AM (#28469551)

> Why does another company not come in to steal 9% to 24% of the GDP of the whole country?

It's less than that.

$ 400 million commissions / $ 24 640 million GDP x 100 = 1.66% of GDP.

I am not familiar with how revenue is shared between the remitting companies, but part of those commissions are set to offset the costs of operating the remittance network in El Salvador. Operating offices, armored trucks, complaiace, bank staff wages and security expenses.

2019 GDP https://tradingeconomics.com/el-salvador/gdp

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Re:El Salvador’s new Bitcoin wallets could cost Western Unio... by lotsofpulp on Thursday September 09, 2021 @09:43AM (#28469580)

I suspected as much, as is usually the case when someone posits a grand conspiracy.

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Re:El Salvador’s new Bitcoin wallets could cost Western Unio... by zests on Thursday September 09, 2021 @10:45AM (#28470257)

10% of 25% is 2.5%

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Re:El Salvador’s new Bitcoin wallets could cost Western Unio... by lotsofpulp on Thursday September 09, 2021 @11:38AM (#28470870)

Oops! I misread it as “10% to 25%” of GDP rather than “10% off of 25%”

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