SAN SALVADOR: 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
NSE -0.34 %, a first in the word 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.
