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

According to Golden Financial, there are now around 2.5 million immigrants in El Salvador, many of whom even send money to friends and family in El Salvador. I did. $ 6 billion gross domestic product (GDP). 23%, but a significant portion of the exchange rate goes to the broker. However, as El Salvador established Bitcoin as a fiat currency and introduced the Chibo wallet, the cost of trading across borders will be significantly reduced. As people accept Bitcoin on the scale, Western Union and MoneyGram call centers, for example, will lose. $ 400. 1 million won transfer fee per year. To date, Western Union has not responded to questions such as its intention to change its pricing model. (CNBC)