El Salvador Bitcoin Transfers Surge

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With its president making it the first country to recognize bitcoin as legal tender, and inviting miners to set up shop among its volcanoes, El Salvador is currently at the epicenter of the Bitcoin universe. And even though these developments are relatively new, an embrace of BTC has been demonstrably underway in the country’s everyday use of bitcoin as a financial rail.

“Monthly bitcoin transfers of under $1,000 — a proxy for money sent to the country from Salvadorans working abroad — totalled $1.7 million in May compared to $424,000 a year earlier,” according to data from blockchain analysis firm Chainalysis, shared exclusively with Reuters. “Such transfers hit a peak of $2.5 million in March, though a comparison with the previous year was unavailable.”


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