Re:El Salvador's Bitcoin use grows but headaches persist
by xtracto on Thursday October 07, 2021 @05:24PM
(#28792287)
I think at some point I read that given the amount of the GDP that remittances are in El Salvador, and the % that Western Union and similar services charge for each transfer, they calculated that a good chunk of the GDP was being left in these transfer services.
In the case of Mexico, remittances would be 3.8% of the GDP, and the WU fee is 8% [1], which means that 0.3% of the GDP is being left in the table. In El Salvador I think it is about 20%, which would mean that 1.6% of the GDP is being left in the WU and similar services.
In the case of Mexico, remittances would be 3.8% of the GDP, and the WU fee is 8% [1], which means that 0.3% of the GDP is being left in the table. In El Salvador I think it is about 20%, which would mean that 1.6% of the GDP is being left in the WU and similar services.
[1] https://www.westernunion.com/us/en/send-money/app/price-esti...