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Bank of America highly appreciates El Salvador's adoption of bitcoin as a means of payment and is confident that the country will only benefit from this legalization in the future.
Recently, the report said that El Salvador's legalization of bitcoin as a means of payment can simplify the procedure for transferring funds, and it can also be a catalyst for the promotion of financial digitization in the country.
Money transfers in El Salvador account for only 23% of the gross domestic product, and it is also worth noting that the transaction fee is a large percentage of the transfer itself, which makes fiat funds unprofitable in terms of transactions.
In turn, if residents of El Salvador use bitcoins for money transfers, this will entail a reduction in commission costs when transferring money compared to fiat funds. Bitcoin can also be used as a tool for converting personal funds. For example, citizens of El Salvador can convert dollars to bitcoin, and then, if desired, and vice versa.
Bank of America sees a lot of significant advantages in the future for a country that has bitcoin in the list of its official means of payment. Since more than 50% of the country's residents do not have a bank account, bitcoin is the very lifesaver, the most affordable financial instrument that the residents of El Salvador can pay with-this gives a huge freedom of choice for Salvadorans and shows the whole world that El Salvador is keeping up with the times with global financial trends.
Bank of America fundamentally disagrees with the opinion that many companies will have to forcibly allow transactions in bitcoins.
"We fundamentally disagree with the thesis that this is a compulsory procedure for companies to accept bitcoins as payment. The seller, as well as the recipient, can absolutely easily convert dollars using the Chivo electronic wallet, if they are technologically savvy. The development of the digital industry in El Salvador and the use of bitcoin by citizens can attract foreign investment to the country itself, soon it will be possible to observe the influx of miners into the country, bitcoin ATMs, and so on."
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