{"id":37326,"date":"2024-09-06T09:46:17","date_gmt":"2024-09-06T09:46:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/el-salvadors-bitcoin-adoption-yet-to-make-significant-impact-gafilat-reports\/"},"modified":"2024-09-06T09:46:17","modified_gmt":"2024-09-06T09:46:17","slug":"el-salvadors-bitcoin-adoption-yet-to-make-significant-impact-gafilat-reports","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/el-salvadors-bitcoin-adoption-yet-to-make-significant-impact-gafilat-reports\/","title":{"rendered":"El Salvador’s Bitcoin Adoption Yet to Make ‘Significant Impact,’ GAFILAT Reports"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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El Salvador\u2019s compliance with international anti-money laundering laws was evaluated in a study that was just published by the Financial Task Force of Latin America (GAFILAT). The study found that despite bitcoin becoming legal tender in 2021, the nation\u2019s financial system has not been significantly impacted by cryptocurrencies.<\/p>\n

El Salvador\u2019s use of bitcoin has not taken off as much as was first thought, according to GAFILAT. The results demonstrate that, during the course of the evaluation period, only $6.6 million\u2014or less than 0.1% of all assets held by Salvadoran banks\u2014entered the financial system through bitcoin-related activities. This suggests that the country\u2019s economy has not yet had a major impact from bitcoin.<\/p>\n

Remittance Use Case Falls Short<\/strong><\/h2>\n

The report also evaluated the use of bitcoin for remittances, a key focus for El Salvador\u2019s adoption of the cryptocurrency. GAFILAT found that less than 1% of remittances were processed through digital wallets. Instead, most Salvadorans continue to use traditional financial institutions like banks to send and receive funds. The report highlighted a strong preference for the U.S. dollar, which has been the country\u2019s primary currency since 2000.<\/p>\n

The use of bitcoin has not increased dramatically despite efforts to promote it, such as the release of the Chivo wallet and the offering of $30 in BTC to users.<\/p>\n

El Salvador\u2019s leading bitcoin advocate, President Nayib Bukele, has admitted that the cryptocurrency\u2019s rise has not been as anticipated. Bukele stressed, nonetheless, that bitcoin contributed to the nation\u2019s rebranding by drawing in foreign investment<\/a> and travelers. He still sees the virtual money as an important instrument for El Salvador\u2019s long-term economic development.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) El Salvador\u2019s compliance with international anti-money laundering laws was evaluated in a study that was just published by the Financial Task Force of Latin America (GAFILAT). The study found that despite bitcoin becoming legal tender in 2021, the nation\u2019s financial system has not been significantly impacted […]<\/p>\n","protected":false},"author":34,"featured_media":37327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/37326"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=37326"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/37326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/37327"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=37326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=37326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=37326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}