World Bank slams bitcoin, declines to help El Salvador's cryptocurrency plan:
Last week, El Salvador's government passed a law to accept bitcoin as legal tender alongside the US dollar. The country receives $6 billion in remittances per year—nearly a quarter of its gross domestic product—and the hope is that bitcoin's lower transaction costs could boost that amount by a few percentage points.
The move was first proposed by the country's president, Nayib Bukele, who said he hoped that in addition to facilitating lower remittance fees, the bitcoin plan would attract investment and provide an avenue for savings for residents, about 70 percent of whom are unbanked. (What Bukele didn't say, but what Bloomberg has reported, is that he and members of his political party have owned bitcoin for years.)
(Score: 0) by Anonymous Coward on Sunday June 20 2021, @01:09PM
Units of currency. Dollars, pounds, euros, whatever. Credit cards charge between 0.5 and 4% of a transaction. Depending on your card, even at the lowest card rate, a fixed price of $20 per bitcoin transaction become cheaper at $4000.