{"id":8253,"date":"2021-06-14T23:54:18","date_gmt":"2021-06-14T23:54:18","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-remittances-to-el-salvador-surge-300-ahead-of-btc-becoming-legal-tender\/"},"modified":"2021-06-14T23:54:18","modified_gmt":"2021-06-14T23:54:18","slug":"bitcoin-remittances-to-el-salvador-surge-300-ahead-of-btc-becoming-legal-tender","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-remittances-to-el-salvador-surge-300-ahead-of-btc-becoming-legal-tender\/","title":{"rendered":"Bitcoin Remittances to El Salvador Surge 300% Ahead of BTC Becoming Legal Tender"},"content":{"rendered":"<p><strong>Bitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar.<\/strong><\/p>\n<p>The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in May, representing more than a 300% increase from $424,000 the previous year, Reuters reported, citing data from blockchain analytics firm Chainalysis. The monthly bitcoin transfers to the country peaked in March at $2.5 million.<br \/>\nWhile remittances using bitcoin have soared, they are still a small portion of total remittances to the country. According to the World Bank, remittances using traditional money totaled nearly $6 billion in 2019, and about 95% of total remittances in the first quarter of this year came from Salvadorans working in the U.S.<br \/>\nEl Salvador became the first country in the world to make bitcoin legal tender when its congress <a href=\"https:\/\/news.bitcoin.com\/el-salvador-bitcoin-law-making-btc-legal-tender-passes-with-supermajority\/\">passed<\/a> President Nayib Bukele\u2019s bitcoin bill last week. The country is now focusing on bitcoin mining using <a href=\"https:\/\/news.bitcoin.com\/el-salvador-mine-bitcoin-energy-volcanoes-100-clean-100-renewable-0-emissions\/\">energy from volcanoes<\/a>, which aims to be \u201cvery cheap, 100% clean, 100% renewable\u201d and with \u201c0 emissions.\u201d<br \/>\nSeveral organizations have voiced concerns over El Salvador\u2019s move to make bitcoin legal tender, including the International Monetary Fund (IMF) which warned the country of legal and economic <a href=\"https:\/\/news.bitcoin.com\/imf-concerns-el-salvador-making-bitcoin-legal-tender\/\">issues<\/a> last week.<\/p>\n<p><!-- growjs zone placement 31 -->   <!-- end of growjs zone placement --> <\/p>\n<p>Ratings agency Moody\u2019s said last week that El Salvador\u2019s bitcoin law \u201ccarries risks for the financial system, the stability of the country\u2019s monetary regime and signals a lack of a coherent economic framework.\u201d<br \/>\nMeanwhile, an official with the Bank of International Settlement (BIS) called the bitcoin law in El Salvador an \u201c<a href=\"https:\/\/news.bitcoin.com\/bis-bitcoin-fails-means-of-payment-el-salvadors-btc-law-interesting-experiment\/\">interesting experiment<\/a>\u201d but said it did not change the bank\u2019s approach to cryptocurrency. The president of the European Central Bank (ECB), Christine Lagarde, similarly said the ECB\u2019s policy is <a href=\"https:\/\/news.bitcoin.com\/christine-lagarde-ecb-crypto-policy-bitcoin-legal-tender-el-salvador\/\">unaffected<\/a> by El Salvador\u2019s bitcoin law.<\/p>\n<p><em><strong>What do you think about the rise in bitcoin remittances to El Salvador? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nNews, bitcoin legal tender, bitcoin remittances, btc remittances, Chainalysis, El Salvador, send bitcoin to el salvador<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar. The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in&hellip;<\/p>\n","protected":false},"author":0,"featured_media":8254,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8253"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8253"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8254"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}