El Salvador's new Bitcoin wallet could cost companies like Western Union and MoneyGram $ 400 million per year.

According to CNBC, Golden Financial reports that there are now around 2.5 million immigrants in El Salvador, most of them still sending money to friends and family in El Salvador. About $ 6 billion in currency exchange in the United States. 23% of the total cost of production, but a significant portion of the cost is passed on to the broker. For example, Western Union charges 12.5% ​​for the exchange rate of US $ 100. However, as El Salvador establishes Bitcoin as a fiat country and launches Chibo Wallet, the cost of cross-border remittances will be reduced. $ 400 million in annual remittance fees. To date, Western Union has not responded to questions such as its intention to change its pricing model.