Latin American Financial Action Task Force Reports Bitcoin’s Impact in El Salvador Remains Minimal
The Financial Action Task Force of Latin America (GAFILAT) recently assessed El Salvador’s adherence to anti-money laundering standards.
Despite bitcoin’s legalization in 2021, GAFILAT’s report reveals minimal economic impact. Bitcoin transactions amounted to only $6.6 million, less than 0.1% of the assets held by Salvadoran banks. Remittance flows also show negligible use of bitcoin, with less than 1% channeled through digital wallets.
The report highlights a continued preference for the U.S. dollar, although President Nayib Bukele has noted that bitcoin has helped rebrand El Salvador and attract investments and tourism.
Clever Robot News Desk 7th September 2024
