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Cryptocurrencies/Coins/Bitnation (XPAT)
Bitnation price, market cap on Coin360 heatmap


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92 days agocointelegraph
El Salvador's Bitcoin wallet Chivo scores $52M in remittances in 2022
El Salvador payment app Chivo processed $52 million in remittances over the past 6 months, as expatriates make use of commission-free BTC transfers.
391 day agocryptodaily
El Salvador’s New BTC Wallet Could Cost Western Union $400M Per Year
According to reports, El Salvador’s latest Bitcoin app, the Chivo Wallet, could cause money service providers like Western Union and MoneyGram to lose around $400 million in remittance commission. Money Service Providers Seizing Chunks Of Remittances Remittances sent home by Salvadoreans living abroad account for a $6 billion industry, almost 23% of the country’s GDP. Money service providers like Western Union or MoneyGram were the chosen method of sending money home by these Salvadoreans. According to official data, around 60% of that cash comes via remittance companies and 38% through banking institutions. According to Bitcoin analyst Willy Woo, “Western Union and MoneyGram has been responsible for clipping 1.5% of El Salvador’s GDP through their remittance fees on the poor. Essentially expat workers sending money home to families. $195 was the average monthly remit which was 50% of household incomes.” Fees vary by company, but typically, the smaller the payment, the higher the percentage that goes to fees. The Chivo Wallet app could change that. Chivo Could Revolutionize El Salvador’s Remittance Industry Earlier this week, El Salvador became the first nation in the world to officialize BTC as legal tender. With it, the country also launched a new app, the Chivo Wallet, which allows smooth and quick transactions in BTC and USD. As of now, its most significant selling point is that it can also be used by Salvadoreans living abroad to send remittances easily and without any extra fee payment. They will be able to send money as BTC directly through the app to relatives in the country, who can then go to any of the 200 new Chivo ATMs installed recently to convert and withdraw the funds in USD. CNBC Investigates Salvadorean Remittance Industry A recent report published by CNBC talks about how much depends on the mass adoption and acceptance of the Chivo Wallet. If indeed that happens, remittance providers would start bleeding out customers and lose millions. According to CNBC’s MacKenzie Sigalos, the loss in remittance commission could be close to $400 million a year. She tweeted, “If you want to send $10 from Canada [to] El Salvador via Western Union's app = $3.24 fee; Muun [to] Chivo wallet = $0.10; Chivo [to] Chivo = free. [Present Bukkele]’s new bitcoin wallet could cost co's like Western Union $400m/y.” Media Machine Retaliating Against Change The landmark move has been facing severe criticism from several parts of the world since President Bukkele made the announcement back in June. Economists like Steve Hanke believe that the existing system of sending remittances through money service providers like Western Union and MoneyGram works perfectly well, stating that they are cheaper than BTC. It also drew the ire of the International Monetary Fund (IMF), with an onslaught of negative press raining down on the country from the all-powerful global media machine. The press repeatedly published misleading polls showing that a majority of Salvadoreans did not want BTC while failing to highlight that the same 7 out of 10 people surveyed are not even fully aware of BTC. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
405 days agocryptodaily
Is Cuba Following El Salvador? Govt Plans To Recognize Crypto Payments
With the growing popularity of crypto payments all over the Cuban island, government authorities have announced that they are planning to assert recognition of crypto payments and impose a framework of regulations to oversee them. Cuban Government Announces Crypto Plans The news of the government’s plans was announced via a resolution published in the Official Gazette, which also clarified that the Central Bank would take the responsibility to determine the regulations governing cryptocurrencies. The bank will also establish a plan of action to register and license crypto service providers in the country. The announcement further declared that the Central Bank would be authorizing crypto payments only for reasons of “socio-economic interest.” However, the state would be overseeing all crypto operations and ensuring that they are controlled and not involved in illegal activities. Cuba Going The El Salvador Way? It might appear that Cuba is setting forth on the blazing trail left by El Salvador, which became the first country in the world to recognize Bitcoin as legal tender. The popularity of crypto payments in these South American countries has grown especially following the strict embargo imposed upon them under former President Donald Trump. These currencies, which generally function free from the oversight of central banks, are being used in these countries to sidestep the strict embargo laws. Cryptocurrencies are predominantly being used in matters of sending remittances from the US to Cuba. Bitcoin In Cuba There has been widespread use of Bitcoin in Cuba recently. Brazil-based Cuban expat Claudia Rodriguez operates a crypto exchange that provided service to nearly 7,000 Cuban user accounts by November 2019. In addition, Cuban YouTube influencer and crypto expert Erich Garcia has spoken on the matter in several videos on his channel. He has talked about how many Cubans are already using gift cards for online payments to navigate the heavy embargo since they do not have access to Visa or Mastercard. Back in 2019, the country's Communist government announced on state-run TV that it was considering cryptocurrencies as part of a package targeting to increase incomes and support market reforms. An estimated 50,000 Cubans are using crypto among the total population of 11.3 million, which is still a small percentage of Bitcoin users. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Bitnation

The live price of Bitnation (XPAT) today is ? USD, and with the current circulating supply of Bitnation at 31,011,995,337 XPAT, its market capitalization stands at ? USD. In the last 24 hours XPAT price has moved -0.000002 USD or -0.48% while 0.00000004 USD worth of XPAT has been traded on various exchanges. The current valuation of XPAT puts it at #0 in cryptocurrency rankings based on market capitalization.

Learn more about the Bitnation blockchain network and how it works or follow the price of its native cryptocurrency XPAT and the broader market with our unique COIN360 cryptocurrency heatmap.

Bitnation Price? USD
Market Rank#0
Market Cap? USD
24h Volume? USD
Circulating Supply31,011,995,337 XPAT
Max SupplyNo Data
Yesterday's Market Cap48,711.70 USD
Yesterday's Open / Close0.000003 USD / 0.000002 USD
Yesterday's High / Low0.000013 USD / 0.000002 USD
Yesterday's Change
-0.48% ( 0.000002 USD )
Yesterday's Volume0.00000004 USD
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