According to the Central American Bank for Economic Integration (CABEI), Central American countries are keen to see if El Salvador’s adoption of bitcoin as a parallel legal tender will reduce the cost of remittances, which are essential sources of income for millions of people.

While speaking to Reuters, the executive president of the Central American Bank for Economic Integration (CABEI), Dante Mossi, said that there is a high chance that other countries will follow the lead of Elsavador if “the cost of remittance drops significantly.”

Mossi described the move as an “out of this world experiment” because it will facilitate financial inclusion, especially in areas where people who rely on relatives who send money from the U.S don’t have bank accounts or credit cards.

In the last 24 hours, bitcoin is down by 2.95%, with a current price of $47,727.95 as at the time of writing this. Within 24 hours, bitcoin dropped to $47,151.93 low and $49,266.18 high. The trading volume of bitcoin in the last 24 hours is $34.99B. The current market capitalization of bitcoin is $900.51B. Currently, 18,797,050 bitcoins is in circulation.

Stats and Image from Coin Desk

Recently, Elsavador adopted Bitcoin as a legal tender after the congressional allies of President Nayib Bukele approved legislation that gives BTC an official status.

This move marks a historical shift in the crypto landscape as Elsavador is the first country to approve BTC as legal tender.

In a bid to solidify the adoption and use of BTC, which will officially kickstart on September 7, Elsavador has started installing 200 ATMs and preparing over 50 banks branches to make the transition seamless for its citizens.